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06.06.202305:30 Forex Analysis & Reviews: Forecast for USD/JPY on June 6, 2023

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USD/JPY:

On Monday, the USD/JPY pair tested the resistance level at 140.35 but was pushed down from it, though not by much. This morning, the price is trying to rise, but the signal line of the Marlin oscillator is decreasing, which could eventually lead the price back to 138.57.

If the dollar manages to find the strength to rise, after surpassing 140.35, the next target will be 142.28, the nearest line of the global price channel. On the four-hour chart, we can see that the target level of 140.35 was reinforced by the MACD line, which resulted in a local price reversal from it.

A consolidation above the strong level will increase the chances of moving towards the target of 142.28. The Marlin oscillator is trying to turn up from the limit of the area of the downtrend. This provides some support for the price, but it is not enough. The current situation is neutral, with no early signs of movement in either direction.

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