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30.01.202406:11 Forex Analysis & Reviews: Forecast for USD/JPY on January 30, 2024

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USD/JPY

The USD/JPY pair tested the resistance level at 148.35 once again and forcefully moved downwards toward the support level at 146.24, just below which lies the MACD indicator line. The Marlin oscillator is decreasing. If the price consolidates below 146.24, it will signal the start of a medium-term decline in the pair, possibly below 140.27.

US government bond yields turned lower on Monday.

On the 4-hour chart, the price has settled below the balance indicator line, and the MACD line is turning downwards.

We are seeing signs of a new downward trend being formed. The Marlin oscillator made a false breakout into the positive territory (marked by a rectangle), afterwards it returned to the downtrend territory. We are waiting for the price to reach the first target level of 146.24.

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