FX.co ★ Forecast for USD/JPY on March 29, 2022

The dollar-yen pair rose by 180 points yesterday. The upper shadow of the daily candle has fulfilled the target of 125.00 - the price channel line. The signal line of the Marlin Oscillator is unfolding from the overbought zone, a price rollback is likely, at least as a correction. The pullback can be of two types: a decline to support at 122.45 with consolidation at and below the level, so that during this time the Marlin Oscillator can go lower and discharge before the next increase, and consolidation, as often happens after strong vertical movements, can be in the form of a triangle, and it could be a decline to the 119.50/95 range followed by a reversal to the upside.

The Marlin Oscillator is trying to go down sharply on the four-hour chart, visually pushing the price to overcome the support of 122.45. The MACD line is approaching the level, strengthening it. If the price overcomes the level with consolidation, then the probability of working out the range of 119.50/95 will increase.