FX.co ★ Forecast for USD/JPY on April 8, 2022

The development of the Japanese yen still fits into the option with a daily scale triangle, although the very structure of price development within the proposed triangle is less and less consistent with it. The scenario with the price falling to the target range of 119.56/98 becomes more likely, as the Marlin Oscillator decided to reverse and move further down. There is still a small chance that the price will continue to rise towards 125.00 or 125.85.

The price lies on the MACD indicator line on the four-hour chart. The signal line of the Marlin Oscillator is already close to the border with the bearish territory. The price drop below yesterday's low of 123.48 will also correspond to the breakthrough of the MACD line, which will be the beginning of the yen's advance into the range of 119.56/98.