Forecast for USD/JPY on April 5, 2024



On Wednesday, the USD/JPY pair touched the embedded line of the global price channel for the last time in the past two weeks and sharply fell, hitting the target support at 150.80 this morning. Technically, this movement appears effective, as it suggests that it is unlikely for the pair to surge again.


Now, the price needs to consolidate below 150.80 and then fall towards the target level of 149.72 or slightly lower, towards the MACD indicator line. The Marlin oscillator is declining but still remains in the positive territory. We're waiting for the release of US employment data in the evening.


On the four-hour chart, the price turned downward from the intersection point of the target level at 151.95 with the MACD line. The price has settled below the balance line (red). The Marlin oscillator has settled on a downward trajectory. Generally, a bearish situation. If the US Nonfarm Payrolls data doesn't break the downtrend, then the yen could have a good chance of strengthening towards 145.90 (the February 1st low).

The material has been provided by InstaForex Company - #

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