FX.co ★ Forecast for USD/JPY on September 21, 2023

USD/JPY

On the daily chart, the USD/JPY pair settled above the strong blue price channel line. The upward movement slowed down at the target level of 148.50. Now the price needs to consolidate above this level before it can expect further growth towards 150.00.

If the price consolidates below yesterday's opening level at 147.84, it may reach the MACD line around 146.70.

The Marlin oscillator's signal line is moving in a descending channel, which neutralizes the initial divergence in its downward pressure. Now the main forecasting tool is shifting to the channel.

On the 4-hour chart, the Marlin oscillator is moving sideways above the zero line. If we consider the fact that the price is progressing above both indicator lines, then we can expect the price to move upwards. This could change if the price consolidates below the MACD line, which is below the 147.85 level.