07.02.202406:12 Forex Analysis & Reviews: Forecast for USD/JPY on February 7, 2024

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USD/JPY

After two days of rising within the 145.99-148.82 range on February 2nd and 5th, it seems that the USD/JPY pair has turned downwards again, as indicated by the divergence with the Marlin oscillator.

However, the divergence is weak, so there is a chance that the pair could move towards the target level of 149.72 or even 150.79. A consolidation below 145.99 may set the pair on track for a decline in the medium-term.

On the 4-hour chart, the price has settled below the MACD line, and the Marlin oscillator has crossed the boundary of the downtrend territory. According to the combination of signals of both scales, the situation is leaning towards the bearish side, but without a strong advantage, it is approximately 60%.

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