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

Over the past 24 hours, the yen has formed a consolidation under one of the linear resistances of the price channel (135.60). The price exit above this resistance will prolong the pair's growth to the next embedded channel line at 137.22. The Marlin Oscillator is in a positive trend area, growth appears to be the main short-term trend.

The price is consolidating under the MACD indicator line on the four-hour chart. The line is approaching the level of 135.60, strengthening this resistance. Accordingly, if the price goes above such resistance, it can lead to an impulsive growth, that is, the 137.22 target will be reached fairly quickly.

The Marlin Oscillator on H4 is still moving horizontally, this can also be a sign of a sharp move brewing. But as long as the price has not gone above 135.60, there is still a possibility of the same impulsive fall to support 133.82, from which a reversal into a new wave of growth may follow.