FX.co ★ Forecast for USD/JPY on February 23, 2021

USD/JPY

The range of yesterday's trading in the yen was 86 points, in this very day it closed under the embedded line of the price channel, and the Marlin oscillator entered the territory of the downward trend this morning.

The pair did not hit the target level of 106.50 due to the external market - the US stock index S&P 500 collapsed, this time by -0.77%, and the yen could not withstand it. The tech-savvy Nasdaq plunged 2.46%. Now the nearest target for the yen is the level on February 10 and January 11 (104.42). Overcoming it will extend the descent to the MACD line to the 104.14 area.

The price has settled below both indicator lines on the four-hour chart, while the Marlin oscillator continues to decline, and we expect the USD/JPY pair to continue to fall to the targets.