FX.co ★ Forecast for USD/JPY on April 7, 2022

The Japanese yen continues to develop simultaneously in three scenarios: the formation of a triangle, growth to 125.85, followed by a deep correction in case of formed divergence (dashed line), decline to the target range of 119.56-119.98 without the formation of a triangle. At the moment, the probability of any of the scenarios is the same.

On the four-hour chart, the price is trying to overcome the support of the MACD indicator line. Consolidating below it will increase the likelihood of scenarios with subsequent deep correction. Also, the Marlin Oscillator is close to being in the negative area. If all this happens, the price may drop to the specified range of 119.56-119.98.