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FX.co ★ Forecast for USD/JPY on May 15, 2024

Forecast for USD/JPY on May 15, 2024

USD/JPY

The USD/JPY pair is entering a complex period of consolidation. On the daily timeframe, it is within the Fibonacci range of 50.0-61.8%. The target support at 155.75 is below this range.

Forecast for USD/JPY on May 15, 2024

If the price consolidates below this level, it could move towards the 23.6% Fibonacci level, which is approaching the MACD line. However, as long as the signal line of the Marlin oscillator moves sideways, a story similar to the period from March 20 to April 9 may continue. The only difference is that back then the consolidation led to a sharp rise, whereas this time it might result in a sharp decline.

Forecast for USD/JPY on May 15, 2024

On the hourly chart, the price is consolidating above the balance and MACD indicator lines. The MACD line is declining and entering the lower range at the 50.0% Fibonacci level on the daily chart. Below this range, there could be a third support level at 155.75 for the period from May 10 to May 13. The Marlin oscillator is in the bearish territory, indicating a 60% probability that the price will fall.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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