FX.co ★ Forecast for USD/JPY on March 14, 2024

USD/JPY

The USD/JPY pair managed to overcome the resistance of the MACD indicator line on the daily timeframe (147.56), consolidate above it, and in today's Pacific session, it grew a bit more. The Marlin oscillator is in the downtrend territory but is moving upwards.

In the event of favorable circumstances, Marlin will enter the positive territory, the price will climb above the resistance of 148.82, and it might even rise to the target of 151.95. However, this is possible only with corresponding prerequisites from the Federal Reserve, whose meeting will take place next week. From a purely technical standpoint, the opportunity for growth is shaky. If the price falls by 20 pips from the current rate, consolidates below the MACD line (147.56), all the potential for growth disappears, and the nearest bearish target will be 145.00, followed by 144.55, and even lower, 143.44.

On the 4-hour chart, the price is consolidating between the levels of 147.56 and 148.20 (the MACD line of the timeframe in question). The Marlin oscillator is rising in the positive territory. For now, the pair is trying to rise without external interference.