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26.03.202406:00 Forex Analysis & Reviews: Forecast for USD/JPY on March 26, 2024

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USD/JPY

The yen continues to consolidate within the range of 150.80-151.95. If the price consolidates above the upper boundary of the range, the target would be 154.25. If it consolidates below the lower boundary, the nearest target would be 149.72, followed by 148.82, where the daily MACD line is approaching.

Perhaps the Marlin oscillator will enter the negative territory before the price leaves the range; this would indicate the predominant behavior of the price. For now, the situation is neutral.

On the 4-hour chart, the price is converging in a wedge pattern with the Marlin oscillator decreasing. Here, we see a predominant potential for decline, provided that the wedge does not transform into a horizontal trend in continuation of the consolidation. So, there's a 55% chance of a decline at the moment.

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