FX.co ★ Forecast for USD/JPY on March 20, 2024

USD/JPY

The USD/JPY pair has clearly shown an upward trend: the Marlin oscillator has entered the uptrend territory on the daily scale, the quote has overcome a number of resistance levels (149.72, 150.80), including the balance indicator line.

Now the price aims to break above the embedded line of the global price channel (blue) and above the target level of 151.95 (October 2022 high). Consolidation above this level will continue the dollar's trend towards the target level of 154.25, near which the next line of the price channel is located.

On the 4-hour chart, the price has managed to consolidate above the level of 150.80. The Marlin oscillator is slightly decreasing, probably in preparation by easing tension, ahead of the Federal Reserve meeting.