FX.co ★ Forecast of USD/JPY pair on June 6, 2024

USD/JPY

Yesterday and the day before, the yen engaged in wide-range trading between the 38.2% and 50.0% Fibonacci levels. Fluctuations occurred along the balance and MACD lines, which visually appear as attempts by the yen to drop below these lines. Today, during the Asian session, the price is again trying to move below these indicator lines.

The Marlin oscillator has settled in the downtrend territory, which could amplify the pair's decline, helping it break through the 38.2% Fibonacci support level (155.04) to reach the lower level of 23.6% at the price of 153.80 or slightly lower, the May 16 low at 153.61. After that, we expect a decline to the support level of 150.90, where the price consolidated from March 20 to April 5.

On the four-hour chart, the price has settled below the 155.75 level. The signal line of the Marlin oscillator has turned downward from the zero line (arrow). The trend is descending, and we expect the price to reach the first support level at 155.04.