FX.co ★ Forecast for USD/JPY on April 27, 2023

USD/JPY

Yesterday, the Japanese yen did not react much to the increased volatility of the US dollar (index) - the yen only strengthened by 8 points. Externally, the price is striving for the support of the MACD line at 131.80. Successfully overcoming this line can help the price reach the second target at 130.47 - the embedded line of the price channel on the higher chart.

The yen still aims to cross the resistance level of 134.38, or more precisely, to reach the target level of 135.40, as the signal line of the Marlin oscillator is falling in the positive area and is declining extremely slowly. The momentum will be set by today's US GDP report for the 1st quarter.

On the four-hour chart, the price is moving below the balance (red) and MACD (blue) indicator lines, and the Marlin oscillator is trying to grow. The price's attempt to grow may be realized once the price crosses yesterday's high of 133.95 (aim for 134.38, or higher – 134.55). The price can fall further once it crosses yesterday's low of 133.03. Aim for 131.80.