FX.co ★ Forecast for USD/JPY on September 19, 2022

USD/JPY has been increasing for the past two trading sessions. At the time of writing, it is at the closing price of Wednesday last week, heading away from the target support level, which is 141.16. Meanwhile, the nested price channel line at 145.10 is becoming more important.

Overcoming the resistance level will open the way towards the target level of 147.10. After all, the MACD line is directed towards the support level of 141.16, pushing the pair up. The Marlin oscillator has also left the overbought zone, indicating that it is ready to resume growth. In fact, in the four-hour (H4) chart, the pair is consolidating under the MACD line and is trying to get above the balance line. This will prompt a shift in interest, mainly in buying dollar instead of yen.

The exit of the pair above the MACD line and above 143.76 will indicate the start of the move towards 145.10. And considering that the Marlin oscillator has been consolidating since September 14, there is a huge chance that the pair will hit 147.10.