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17.04.202405:07 Forex Analysis & Reviews: Forecast for USD/JPY on April 17, 2024

USD/JPY

Yesterday, the USD/JPY pair broke through strong resistance represented by the embedded line of the price channel and the target level of 154.25. The yen managed to avoid a correction from this level, but the risk of a deep retracement increases significantly with each subsequent resistance level.

Exchange Rates 17.04.2024 analysis

The first resistance is at the level of 155.80. If the price fails to return below 154.25 with the prospect of a decline in the medium-term, then there's a 95% probability of a reversal from the price channel line around the 156.56 mark. The Marlin oscillator is slightly turning downward, keeping the price under pressure.

Exchange Rates 17.04.2024 analysis

On the 4-hour chart, the price is above key levels, but the Marlin oscillator is not rising; it is developing within a wide range marked on the chart by a rectangle. If the price returns below 154.25 and consolidates below this level, Marlin will exit the rectangle by moving downward, preferably below the zero line. In this case, the recent short-term break above the price channel line (154.46) would be a false signal, strengthening the subsequent downward movement. We await further developments.

*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
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