FX.co ★ Forecast for USD/JPY on February 21, 2023

USD/JPY spent another day at the support line of the global price channel (133.90), probably to continue the rise towards the target level of 137.65.

The Marlin oscillator is not pointing to a reversal, which is a sign of a future slow rise in price. This may be due to the February Manufacturing PMI for Japan that came out this morning and showed a decline from 48.9 to 47.4.

On the four-hour (H4) chart, the Marlin oscillator is turning up slowly, but a better sign of growth is a reversal of the oscillator from zero. If that happens, yen will move towards the target level of 137.65.