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08.06.202306:10 Forex Analysis & Reviews: Forecast for USD/JPY on June 8, 2023

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USD/JPY:

The USD/JPY pair is slowly approaching the resistance level of 140.35. The Marlin oscillator is already close to the zero line, having discharged significantly, which creates conditions for a successful attempt to overcome the nearby resistance.

If the price can settle above the level, the next target is 142.28, which is close to the embedded line of the price channel. However, as long as the price remains below 140.35, there is a risk of falling towards 138.57. In that case, the Marlin oscillator will either reverse from the zero line upwards (the price should rapidly fall for this to happen) or make a false entry into negative territory.

On the four-hour chart, the price has crossed above the balance line (red moving average), and the Marlin oscillator has entered the growth zone. This indicates that the price is ready to attack the MACD line (blue moving average), which is near the target level of 140.35. There's a 60% chance of rising.

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