FX.co ★ Forecast for USD/JPY on March 10, 2023

After reaching the target level on the hyperchannel line on Wednesday, the price retreated by about 175 pips. The signal line of the Marlin oscillator approached the zero neutral line, now it shows the intention to reverse from it to the upside. If this happens, the price can overcome the resistance around 137.80 and it will climb higher to reach the 138.90 and 140.90 targets.

On the four-hour chart, the price reversed from the lower limit of the hypothetical upward local price channel. The Marlin oscillator turned sharply upwards and forcefully entered the area of the uptrend. The price is already returning above the MACD indicator line (136.82).

Retreating below the signal level of 135.38 would make it possible to develop an alternative scenario with the 134.05 target - support of the embedded line of the price hyperchannel and the low of February 24. But this option is already unlikely.