empty
 
 
15.05.2024 05:21 AM
Forecast for USD/JPY on May 15, 2024

USD/JPY

The USD/JPY pair is entering a complex period of consolidation. On the daily timeframe, it is within the Fibonacci range of 50.0-61.8%. The target support at 155.75 is below this range.

This image is no longer relevant

If the price consolidates below this level, it could move towards the 23.6% Fibonacci level, which is approaching the MACD line. However, as long as the signal line of the Marlin oscillator moves sideways, a story similar to the period from March 20 to April 9 may continue. The only difference is that back then the consolidation led to a sharp rise, whereas this time it might result in a sharp decline.

This image is no longer relevant

On the hourly chart, the price is consolidating above the balance and MACD indicator lines. The MACD line is declining and entering the lower range at the 50.0% Fibonacci level on the daily chart. Below this range, there could be a third support level at 155.75 for the period from May 10 to May 13. The Marlin oscillator is in the bearish territory, indicating a 60% probability that the price will fall.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback