FX.co ★ Forecast for USD/JPY on July 23, 2024

USD/JPY

As anticipated, the pair's rise on July 18-19 was a correction. The yen strengthened for the next two days, finding quite a solid support level at 156.79. This morning, the price is trying to overcome this mark again, but with the support of the Marlin oscillator turning downward.

If the yen succeeds at this attempt, it will reach the target of 155.75. The price will have to settle below this mark to achieve a more significant target of 153.60 (intermediate level at 154.55). On the 4-hour chart, the price has been moving below the balance line for the past three days, confirming the corrective nature of the rise, with a similar picture on the daily chart.

The price may not overcome the MACD line (157.50), as suggested by the Marlin oscillator, whose signal line is still above the zero line. If the MACD line is tested, this will support the subsequent declines.