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07.09.2023 06:23 AM
Forecast for USD/JPY on September 7, 2023

USD/JPY

The USD/JPY pair has reached an important target that we have repeatedly mentioned in recent weeks – the embedded line of the global price channel. Here's how it looks on the weekly chart:

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A reversal divergence is forming with the Marlin oscillator. Or the Marlin has converged into a technical wedge. A divergence is also brewing on the daily chart. There's a high probability of a reversal.

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The initial bearish target is the 145.90 level, and it is approaching the MACD line. Consolidating below this level would indicate that the pair will move towards a decline (strengthening of the yen) in the medium-term.

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There is a divergence on the 4-hour chart. Here, the MACD line may rise to around 146.33 before it meets the price, which could be close to the peaks of August 21-22. So, the first target is the 145.90-146.33 range.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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