FX.co ★ Forecast for USD/JPY on August 14, 2024

The yen is gradually moving away from the scenario of forming a triangle. The three-day consolidation of the price above the 146.50 level suggests a continuation of the upward movement towards the nearest level of 148.82 and likely further into the target range of 150.83-151.23.

A price drop below 146.50 would open the target range of 144.30-145.08 and revive the triangle-forming scenario. The Marlin oscillator is set for growth in the daily chart. In the 4-hour chart, the price consolidates above the 146.50 level and the indicator lines.

The Marlin oscillator has worked through the zero line and may turn upward from it, or if the price breaks below the MACD line (below 145.93), it could move deeper into the negative territory. The price would then attempt to break through the support range of 144.30-145.08.