FX.co ★ Forecast for USD/JPY on August 29, 2024

The USD/JPY pair is entering its 4th day of consolidation at the 144.30 level. Therefore, this level can be disregarded, and the situation should be considered without it. We observe that the rising Marlin oscillator is trying to push the price towards the Fibonacci level of 23.6%, which aligns with the March low of 146.50.

If the price consolidates above this level, it will complicate the structure of the correction, leading the price toward the target level of 148.82 and the Fibonacci level of 38.2%. But for now, the price could fall below the August 26 low (143.46), which will be a signal to attack the target range of 139.70-140.27. The Marlin oscillator might also turn from the neutral zero line.

In the 4-hour chart, the price is developing under the balance and MACD indicator lines. Marlin has again entered positive territory, which closely resembles a consolidation pattern. Resistance from the MACD line hinders the upward movement. The main scenario remains bearish.