FX.co ★ Forecast for USD/JPY on August 8, 2024

The yen has corrected more than six figures from the August 5th low. This correction is enough to resume the decline with renewed vigor towards the main target of 140.27. However, if the pair closes the day above 146.50 (with a white candle), the price might reach the target level of 148.82.

On the 4-hour chart, the Marlin oscillator has stabilized in the positive area, but the price, having been pushed back by the bears from the MACD line, is not in a hurry to follow the oscillator.

The situation appears neutral, with the prospect of further decline. Taking advantage of the current situation, the price may attempt to swing upward again. In such a case, a break above the MACD line (yesterday's peak) might be a false breakout.