FX.co ★ Forecast for USD/JPY pair on May 23, 2024

USD/JPY

The USD/JPY pair has closely approached the 61.8% Fibonacci level (157.00) on the daily chart. The signal line of the Marlin oscillator refuses to rise and lies horizontally, just above the zero line. The price has the potential to reach 158.00, but there is also a high probability of a downward reversal below 155.75 from the current level.

On the four-hour chart, the Marlin oscillator is also "refusing to rise," but no traditional reversal patterns have been formed, which confirms that the price retains its growth potential. This potential can only be confirmed if the price consolidates above the 157.00 level.

If the market does not receive unexpected negative news and the growth potential is exhausted, the yen might develop sideways movement within the Fibonacci level range of 156.03–157.00, where it could form some reversal pattern.