FX.co ★ Forecast for USD/JPY on December 9, 2024

USD/JPY continues to consolidate below the 150.83 level, a trend that began on December 5. A breakout above this level, followed by consolidation, would open the path toward the target at 153.60. An intermediate resistance level is identified at 152.16, the low from November 8.

The Marlin Oscillator is persistently rising within the bearish zone, showing a strong inclination to reach the boundary of the bullish territory. Should the oscillator achieve this boundary, it would correspond to a price increase of 153.60. However, with just 10 days remaining until the Bank of Japan's meeting, there is some uncertainty about whether the pair can cover 3.5 figures within this timeframe.

On Friday, the price struggled to overcome the resistance of the MACD line in the 4-hour timeframe. However, it quickly found support from the Marlin Oscillator, which rebounded upwards from the zero line. The price remains consolidated below 150.83; a decisive move above this level is essential for the pair to sustain its upward momentum.