FX.co ★ Forecast for USD/JPY on April 17, 2023

The yen managed to work out our expected scenario with the pair reaching the support around the 132.00 level and climbing above the MACD line on the four-hour chart. On the same chart, the Marlin oscillator has also moved into the area of the uptrend.

The price is approaching the 134.28 level, which on the daily chart means resistance from the embedded line of the global price channel. The balance indicator line is near this line, which strengthens it.

Accordingly, crossing the resistance at 134.28 may create another impulse for further growth. The prospective target is 138.30, with an intermediate target of 135.40.