FX.co ★ Forecast for USD/JPY on April 16, 2021

USD/JPY

The USD/JPY pair dropped 16 points on Thursday. On the daily chart, the support of the balance indicator line was reached and this morning the price is rising against the background of the general strengthening of the US dollar and yesterday's optimism on the US stock exchanges: the S&P 500 grew by 1.11%, the Nasdaq by 1.31%. Japanese Nikkei 225 index gained 0.17% this morning.

It is possible that the correctional fall of the pair is over. This will be confirmed once the price leaves the area above the target level of 109.37, afterwards we expect it to rise it to 110.38.

On a four-hour scale chart, the price convergence with the Marlin oscillator cannot get its own "design" for the third day, although visually it has been built. The MACD line is approaching the 109.37 level, which underlines its importance. Accordingly, the forecast sounds like this - once the price surpasses the 109.37 level, it will likely rise towards the first target of 110.38 and grow further to 111.39 (October 2018 low).