FX.co ★ Forecast for USD/JPY on April 12, 2021

USD/JPY

Last Friday, the USD/JPY pair did not begin to settle below the technically important level of 109.37, turning to the attack of the embedded line of the green price channel. Overcoming the green line (110.37) opens targets like 111.39 and 112.16 (high in March 2019). The bulls' task is complicated by the Marlin oscillator, which is still in the downward trend zone. It needs to get out of the negative area. This may take more than half a day.

The price did not even try to overcome the MACD line on the four-hour chart last Friday, although the Marlin oscillator was already in positive territory. At the moment, the price is going down from the consolidation range, which is marked with a gray area. To open long positions you should wait for the price to return to the consolidation range and for the quote to leave the area above the resistance of the MACD line around 109.97.

A return to the downward sentiment will take place after the price settles below the 109.37 level. In this case, the target will be 108.40, which is approaching the MACD line on the daily scale chart.