FX.co ★ Forecast for USD/JPY on March 11, 2021

USD/JPY

Yesterday, the Japanese yen was relatively calm even amid the brisk growth of stock indices: S&P 500 0.60%, this morning the Nikkei 225 is growing by 0.27%. Apparently, the yen is also preparing for the European Central Bank meeting in order to continue weakening against the background of the general strengthening of the dollar. The price could rise above the upper border of the price channel (109.17) today. In the future, we expect the price to rise to the line of the growing price channel to the area of 110.34.

The Marlin oscillator has significantly decreased, disproportionate to the two-day price decline, which creates more space for the subsequent growth of the oscillator.

Marlin is in the negative zone on the four-hour chart, but the price is developing above the balance and MACD indicator lines. Marlin's preparation for growth is also visible here.