The USD/JPY pair began to decline sooner than we predicted in our weekly forecast, as we anticipated this drop would occur closer to the Bank of Japan meeting. The price has already fallen below the support level of 156.04. Our next target is the MACD line at 154.74, followed by 153.20 and 151.30.
However, this early movement complicates the outlook. We may see a correction from the current level or from the MACD line, and there's a possibility of a short-term false breakout below the MACD line. The Marlin oscillator's penetration into the downward trend territory increases the likelihood of a continued decline.
On the H4 chart, the price is rapidly moving below both indicator lines and has consolidated below the 156.04 level. We now expect it to reach the MACD line on the daily chart at 154.74.
The material has been provided by InstaForex Company - www.instaforex.com
However, this early movement complicates the outlook. We may see a correction from the current level or from the MACD line, and there's a possibility of a short-term false breakout below the MACD line. The Marlin oscillator's penetration into the downward trend territory increases the likelihood of a continued decline.
On the H4 chart, the price is rapidly moving below both indicator lines and has consolidated below the 156.04 level. We now expect it to reach the MACD line on the daily chart at 154.74.
The material has been provided by InstaForex Company - www.instaforex.com
