FX.co ★ Forecasts for USD/JPY on April 19, 2021

USD/JPY

The yen started the new week by strengthening, but we don't know how strong it will be, since the price is facing a strong support (108.40) on the daily chart - the low on March 10 and 23, which coincides with the approaching MACD line.

Settling below this level will open the 107.35/50 target - the resistance area of mid-July 2020. The upward reversal will initially be for a breakthrough of the 109.37 level, then at the embedded line of the price channel of the monthly timeframe at 110.38.

The price's upcoming convergence with the Marlin oscillator left a trace on the four-hour chart. Marlin turns to the downside from the border of the growth area (red arrow). But the oscillator has not yet moved far down from this border and may try to leave the negative area for the second time.

We are waiting for the development of events.