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14.10.202407:59 Forex Analysis & Reviews: USD/JPY Forecast for October 14, 2024

The yen is consolidating under the 149.38 level, indicating a potential upward breakout. However, the divergence with the Marlin oscillator persists, which neutralizes the upward potential of the consolidation.

Exchange Rates 14.10.2024 analysis

We have viewed the rise since September 16 as a correction of the decline initiated by the Bank of Japan's interventions. Even if the price breaks above 149.38 and reaches 150.83, this will only represent a 50% retracement. Only a consolidation above 150.83 will open the path to 153.60. For now, we expect the price to reverse at the resistance level of 149.38.

Exchange Rates 14.10.2024 analysis

On the four-hour chart, the price is being compressed into a wedge formation, created by the 149.38 level and the Kijun-Sen line (also known as the MACD line). The Marlin oscillator, now in negative territory, suggests a downward price breakout. Confirmation will be given if the price consolidates below the MACD line, under the 148.74 level.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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