FX.co ★ Forecast for USD/JPY on March 8, 2023

The USD/JPY kept the monthly uptrend until yesterday's attack, set by Federal Reserve Chairman Jerome Powell's hawkish speech in the Senate. The dollar was up 122 points against the yen.

Japan's balance of payments for January was released this morning, showing a significant decline from 0.03 trillion yen in December to -1.98 trillion, and a seasonally adjusted decline from 118.4 trillion yen to 21.6 trillion.

The 137.75 target level set by the embedded global channel line is nearby. Passing the level will open the target at 138.90, a local peak on July 21, 2022. Next, it could climb to 140.90, the next price hyperchannel line.

On the four-hour chart, the price has settled above the balance and MACD indicator lines, the Marlin oscillator turns down, but it is already reliably and highly fixed in the area of the uptrend. We will probably see a small respite before a decisive attack on 137.75.