FX.co ★ Forecast for USD/JPY on April 23, 2021

USD/JPY

The yen has been strengthening every day by 2-8 points since the beginning of the week. Such a slide usually precedes a sharp rise. Perhaps the situation is already brewing, as the Marlin oscillator shows an intention to turn up on the daily chart. When the price rises above the 108.40/50 range, the 109.37 target is open. Behind it 110.40 is the embedded line of the rising price channel of the monthly timeframe.

The convergence of price and oscillator has turned into a wedge on the four-hour chart. The signal line of the oscillator went up from this wedge. This is an early signal for a price reversal to the upside. It will be confirmed when the price rises above the 108.40/50 range. Moreover, the MACD lines on the four-hour and daily charts coincide in price levels, precisely in the specified range. Such a coincidence of indicators on different time scales strengthens them; going over the range will push the price to significantly rise.