FX.co ★ Forecast for USD/JPY on May 23, 2023

USD/JPY

On Monday, the USD/JPY pair not only led gains among major currencies (0.48%), but also surpassed the resistance of the embedded line of the price channel, which it had been persistently striving for three days.

The nearest target of 139.40 is available, and the September 22, 2022 low, at 140.35, serves as the target level. However, the pair can reach these levels in the near future only if the almost formed divergence with the Marlin oscillator does not interfere. In order to develop a correction, the price must consolidate below today's low of 138.44.

On the four-hour chart, the Marlin oscillator received a discharge by dropping below the zero line. Now it has a good growth prospect, and the previous move into the downtrend area is interpreted as a false movement.