FX.co ★ Forecast for USD/JPY on September 12, 2024

The USD/JPY pair is earnestly trying to reach the target range of 139.70-140.27, but technically, it's being hindered by the Marlin oscillator, which has stubbornly refused to decline for five sessions and is close to the border with the growth territory.

In these conditions, a breakout above the upper boundary of the green price channel at 144.14 will pave the way to 146.50, or possibly higher, towards the MACD line at the resistance level of 148.82. This rise is viewed as corrective in nature. If the price breaks below the support range of 139.70–140.27, it will open up a new target range of 136.95–137.26.

In the four-hour chart, the Marlin oscillator has already entered positive territory. The price may still test the 143.60 or 144.14 levels, which could lead to a false breakout above the MACD line. Alternatively, it could be a real breakout if the price consolidates above 144.14. We await further developments.