FX.co ★ Forecast for USD/JPY on April 22, 2021

USD/JPY

The price settled under the MACD indicator line on the daily chart, it has been below it for the third day, forming doge-like candles. This creates a double interpretation of the situation: the price prepares an upward reversal above the MACD line and the 108.40 target level, and the price consolidates before moving to the 107.35/55 target range. The Marlin oscillator does not give a clue, it has been moving horizontally in recent days.

The situation on the four-hour chart also has a dual character: the convergence of the price and the oscillator may be double, which implies another decline before the price reversal into medium-term growth, and this may be a movement to the 107.35/55 target range, and the price may also reverse from the current levels, breaking the resistance level at 108.40. The MACD line is approaching this level, which enhances it and increases its significance. Accordingly, consolidating above 108.40 will be a signal that the dollar will grow against the Japanese yen.