FX.co ★ Forecast for USD/JPY on March 21, 2022

The Japanese yen has already come close to the target range of 119.53/95. The Marlin Oscillator on a daily scale is starting a downward reversal from the overbought zone. The probability of the price overcoming the specified range with subsequent growth to the target level of 121.70 (resistance of January 2016, December 2014 and other historical extremes) is decreasing.

On the four-hour chart, the Marlin Oscillator is still staying in the positive area. It has discharged from the overbought zone, it may grow a little more as a follower to the range of 119.53/95, but then a divergence will be formed.

So, within one or two days, we are waiting for the formation of reversal conditions for the USD/JPY pair.