FX.co ★ Forecast for USD/JPY on October 10, 2022

On Friday, the USD/JPY pair reached the resistance of the embedded price channel line (145.29), and this morning it went above it. Now the price has opened the 147.30 target, determined by the upper embedded line of the price channel.

Currently, the line of the Marlin Oscillator is moving sideways in the positive area, just above the zero line. When the price reaches the level of 147.30 with the oscillator, a divergence may form, which will become a signal and a condition for the trend to reverse into a deep correction (or a reversal of the medium-term trend).

The price has already consolidated above the 145.29 level on the 4-hour chart, which is also the October 3rd high. Marlin is in the positive area. We are waiting for the development of an upward trend.