FX.co ★ Forecast for USD/JPY on July 25, 2024

USD/JPY

The yen aggressively strengthened. At this pace, the pair may reach the target level of 140.27 quite soon.

In the weekly chart, the signal line of the Marlin oscillator only moved into bearish territory yesterday, and it still has a long way to go.

In the daily chart, the price has moved below the target level of 153.83, with the following target range being 150.83-151.23—the support of the two-week consolidation in March. We expect a correction from this range, followed by a decline towards the target of 148.82.

On the 4-hour chart, the price has settled below 153.60. The Marlin oscillator has fallen significantly but shows no signs of a reversal, so it might continue to move deeper into the oversold zone toward the target range of 150.83-151.23.