FX.co ★ Forecast for USD/JPY on December 3, 2024

The pair has settled below 150.83. Yesterday, there was an attempt to break back above this level, but by the end of the day, it had become a shadow. Nevertheless, this morning, another attempt at growth is underway. The Marlin oscillator is turning upward.

If the price lacks the strength to rise, it may still manage to consolidate below the 150.83 level. The longer this consolidation lasts, the easier it will be to eventually break through 148.18, along with the MACD line, which will likely move above the range by then. A consolidation above the 150.83 resistance would leave the market in free drift, as the next resistance level at 153.60 is significantly higher. Reaching this level would require a strong trend favoring dollar strengthening and stock market growth, which is not yet evident in a clear interpretation.

The price and Marlin have formed a double divergence on the four-hour chart. Everything seems ready for a correction, although the pressure from indicator lines on both timeframes remains strong.