FX.co ★ Forecast for USD/JPY on June 4, 2024

USD/JPY

Yesterday, the USD/JPY pair fell 122 pips, reaching the Fibonacci level of 50.0% (156.04). This morning, it is correcting higher. The signal line of the Marlin oscillator left its own wedge and moved downwards. It also fell below the boundary of the downtrend territory.

The downward movement is gaining momentum, and now we're waiting for the price to cross the MACD line, coinciding with the target level of 155.75. We look forward to the price reaching the Fibonacci level of 38.2% at the mark of 155.04.

On the 4-hour chart, the price has settled below the balance and MACD indicator lines, while Marlin is correcting upwards after settling in the downtrend territory. We expect the end of this correction and the pair to continue the downward movement.