FX.co ★ Forecast for USD/JPY on April 11, 2024

USD/JPY

The USD/JPY pair finally received an external impetus and broke out of a two-week consolidation by trading higher. Yesterday, the price breached a strong resistance at 151.95-152.00, formed by a target level and a price channel line. Now, the pair can reach the target of 154.25/40, formed by the target level and the subsequent embedded line of the global price channel.

On the 4-hour chart, the price has settled above the MACD indicator line. The Marlin oscillator has edged down, and apparently it is ready to rise further if the external environment works in its favor after the European Central Bank meeting.

Today, the pair may be influenced by the US Producer Price Index (PPI) data, which is quite important after yesterday's CPI. The PPI is expected to increase from 1.6% y/y to 2.2% y/y.