FX.co ★ Forecast for USD/JPY on March 1, 2023

Amid the dollar index's rise by 0.33%, the USD/JPY pair avoided falling towards the support of the embedded hyperchannel line with the 134.00 mark. The day closed at the opening level, this morning, the price is trying to continue rising. It is aiming for 137.75. The Marlin oscillator is decreasing, it is an obstacle to growth, but this decrease can be interpreted as the oscillator discharging before it grows further, which, however, does not completely eliminate the risk of reversal.

On the four-hour chart, the indicator lines remain in force - yesterday, it stopped declining and turned upward before touching these lines. The signal line of the Marlin oscillator reversed from the support of the zero line. These are signs of growth.

Signs of a reversal into a correction is the price converging with the Marlin oscillator. The convergence is weak, but if there are any catalysts (which is unlikely yet as the US ISM Manufacturing PMI for February may show an increase from 47.4 to 48.0 today), it could materialize with all its hidden potential. A technical first sign of a reversal would be for prices to move below the MACD line, below 135.73.