FX.co ★ Forecast for USD/JPY on February 15, 2023

On Tuesday, the USD/JPY pair successfully consolidated above the balance and MACD indicator lines, which is confirmed by an attempt to test the point of intersection of these two indicator lines of the lower shadow of yesterday's candle.

The signal line of the Marlin oscillator is trying to turn down, but it is still far from the overbought area, so the direction of the oscillator trend is dominant here. The 133.77 target is relevant. A consolidation above the level will open the prospect of growth to the next embedded price channel line around 137.62. The first signal of the reversal is when the price overcomes the support of the MACD line on the daily chart (131.35). The target is 130.08.

The price is rising above both indicator lines on the four-hour chart. Marlin is in the green zone. An uptrend in the short-term. This could be supported tonight, after the release of data on retail sales and industrial production in the United States; retail sales in January is expected to increase by 1.8%, while industrial production is seen to increase by 0.5%.