FX.co ★ Forecast for USD/JPY on March 17, 2022

The yen is aiming for the 119.53/93 range.

The USD/JPY pair gained 45 points on yesterday's sharp rise in risk appetite. The US stock index S&P 500 grew by 2.24%. The Japanese Nikkei 225 is up 2.92% this morning. The target range of the yen is 119.53/93 can be taken in the near future. But the price growth above this range raises doubts, since we still consider the growth of stock markets in the form of a correction from the fall since the beginning of the year. Also, the Marlin Oscillator is already showing the inconvenience of its stay in the overbought zone.

On the four-hour chart, the price continues to rise above the balance and MACD indicator lines. The Marlin Oscillator has already eased from the overbought zone and is now ready for further growth. We are waiting for the price in the specified target range of 119.53/93.