FX.co ★ Forecast for USD/JPY on March 8, 2024

USD/JPY

Yesterday, the USD/JPY pair experienced a significant bearish breakthrough, breaking below the support at 148.82 and testing the support of the MACD indicator line on the daily chart. Afterwards, the price has slightly bounced off the MACD line and is currently consolidating above it.

A test of the 148.82 level from below within a corrective move is possible, and it will heavily depend on today's U.S. employment data. Overcoming the MACD line opens up the target of 145.99 near the February 1 low. The Marlin oscillator is steadily declining in the downtrend territory.

On the 4-hour chart, the price has already moved significantly away from the indicator lines, and the Marlin oscillator has sharply turned upward. These are signs of a correction. Rising to the 148.82 level could satisfy the sellers' desire to take profits, and this may also please buyers' appetite for risk.