FX.co ★ Forecast for USD/JPY on June 18, 2024

USD/JPY

The USD/JPY pair successfully tested the target range of 158.00/24 and is now retreating. The Marlin oscillator briefly stayed in the bullish territory but now it seems that it intends to return to the bearish territory. The nearest support level is strong at the 157.00 mark, as it closely aligns with the MACD indicator line. Once the price consolidates below this level, the yen could move towards 155.04 and 153.80.

An alternative scenario suggests the pair rising to 160.40 after consolidating above 158.24.

The bearish potential is becoming more evident on the 4-hour chart. The Marlin oscillator has entered the negative territory and is pulling the price towards the 157.00 level, just below the 61.8% Fibonacci retracement level.

The MACD line is above this level on the same chart, which to some extent facilitates its breakthrough after passing the MACD line. Nevertheless, it is still a strong support, as the price needs a strong reason to breach this mark. Perhaps, it will be a stock market crash, which could once again form a suitable pattern. We await further progress.