FX.co ★ Forecast for USD/JPY on September 20, 2024

As we anticipated in the previous analysis on September 18, the yen has expanded its consolidation range and broken out of the descending price channel, which has been invalidated. However, the price remains below the balance indicator line, which indicates a moderate correction within the current upward trend.

The correction could deepen to the MACD line near the target level 146.50. A breakout above this level would reverse the trend to an upward movement. The Marlin oscillator has stayed within a narrow range (gray rectangle). The light green rectangle represents the permissible corrective range. We expect the sideways trend to continue.

The price stays above the balance and MACD lines on the four-hour chart. Marlin is in the positive area. Consolidating above 143.60 will mark the first attempt for growth towards 146.50. Breaking the MACD line (141.41) will give the price momentum to test the range of 139.70-140.27.