FX.co ★ Forecast for USD/JPY on September 1, 2022

The USD/JPY pair once again showed its commitment to following the US dollar more than the stock market. Even the EUR/JPY has moved away from correlations with the stock market, leaving this function to the cross rate with the British pound - GBP/JPY.

In today's Asian session, USD/JPY moved above the linear resistance of the embedded price channel line (139.08) and overcame the July 14 peak at 139.39. Now the price has opened a target at 141.00, formed by the upper line of the price channel. The Marlin Oscillator is growing, when the price reaches the target of 141.00, Marlin will begin to experience pressure in the overbought zone. A correction is now possible from this level.

The price is growing above the balance and MACD indicator lines on the four-hour chart, the Marlin Oscillator turned up without reaching the border with the bears' territory. We expect continued short-term growth.