FX.co ★ Forecast for USD/JPY on October 30, 2024

The USD/JPY pair, instead of closing the gap opened at the beginning of the week, spent two days attempting to break above the 153.60 resistance. However, without the initial step of closing the gap, such an effort had little chance of success, especially amidst the correction of European currencies.

This morning, however, the price began moving downward. The Marlin oscillator on the daily time frame has been moving downward for 18 sessions. Under such pressure, the price could fall below the 149.38 level.

On the four-hour chart, the Marlin oscillator's signal line has formed a descending wedge, and it appears poised to break downward, as Marlin is already in negative territory.

The first support level aligns with the MACD indicator line at 152.30, which coincides with the gap's close. This level thus becomes a strategic marker for the short-term outlook: breaking below it opens the path to 150.83, while a rebound from it would allow the price to retest the 153.60 resistance with better chances of success.