18.03.202405:06 Forex Analysis & Reviews: Forecast for USD/JPY on March 18, 2024

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USD/JPY

The USD/JPY pair broke through the resistance of the target level at 148.82. Currently, it is halfway towards the target of 149.72. Once it overcomes this level, it can attack an important mark at 150.80.

However, the Marlin oscillator is slightly falling behind; it even tries to reverse the growth process as it approaches the zero line. If the price, under the influence of the oscillator, returns below 148.82, the risk of falling below the MACD line (147.72) with a subsequent decline to 145.99 will increase significantly.

On the 4-hour chart, the Marlin oscillator has already reversed. This could also be a small correction that the price begins to form above the level of 148.82. The MACD line on the daily time frame (147.72) is supported by the same line of a smaller time frame near the same level. Therefore, if the price surpasses 147.72, it may likely fall further.

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