FX.co ★ Forecast for USD/JPY on March 6, 2024

USD/JPY

Yesterday, the USD/JPY pair stayed within the range of 149.72-150.79. The price has not yet decided whether it will break below the lower boundary of the range because there might be a chain reaction in which it breaches target support levels amid growing pressure from the Marlin oscillator, which is already working on a decline in the bearish territory.

The main sign of a medium-term decline is when the price breaks through the MACD line (147.65). The situation on the 4-hour chart is completely bearish – the price has settled below the indicator lines, the lines themselves have turned down, and the Marlin oscillator continues to move deeper into the downtrend territory.

We are waiting for the price to break below the support of 149.72 and further fall to the second target level of 148.82.