FX.co ★ Forecast for USD/JPY on April 3, 2024

USD/JPY

Over the past day, nothing new has happened with the yen (on the daily chart); the price continues to move sideways below the target level of 151.95 and below the embedded line of the global blue price channel. The Marlin oscillator continues to hover above the border of the downtrend territory.

A break above the strong level of 151.95 will give USD/JPY a good push towards 154.25, while a move below 150.80 means that the next target will be 149.72. The MACD line is approaching this level, which increases the importance of this support, and it could become the starting line for a medium-term decline to 145.90.

On the 4-hour chart, the price has been consolidating below the MACD indicator line for a long time (since March 14). This increases the probability of working towards a downtrend. The Marlin oscillator is still in positive territory, and it will be able to move to bearish territory if the price does not exceed yesterday's high, i.e., remains below the MACD line.