FX.co ★ Forecast for USD/JPY on May 7, 2024

USD/JPY

The USD/JPY pair is trying to recover after a six-digit decline to the magnetic point formed by the intersection of the balance and MACD lines on the daily chart. The price is moving towards the target level of 155.75, but it will only reach this mark if the Marlin oscillator does not turn back from the zero line but surpasses it instead.

If the price heads downwards, it may break through the support of the MACD line (152.77) and target the level of 150.90. From this level, the pair could go through a correction from the decline from the April 29 peak.

On the 4-hour chart, the Marlin oscillator is also contemplating a possible downturn. If we don't see a reversal today, the price will continue to correct higher and reach 155.75, which is near the area where the MACD is located, reinforcing it.