FX.co ★ Forecast for USD/JPY on August 21, 2024

The USD/JPY pair, after successfully breaking through the support level at 146.50, has consolidated below this level on the daily chart. At the same time, the price consolidated below the 23.6% Fibonacci level. The signal line of the Marlin oscillator is moving in line with the price but with slowing momentum, which is a warning sign of potential complications in the ongoing upward correction.

The price may return to the level of 148.82. If it can break through the support at 144.30, then the oscillator's slowdown can be perceived as a normalization of dynamics following a period of Japanese central bank interventions. This would open the target range of 139.70-140.27.

In the 4-hour chart, the price has settled below the MACD line. The Marlin oscillator is consolidating in bearish territory. According to the main scenario, we expect the price to continue falling below the level of 144.30.