FX.co ★ Forecast for USD/JPY on March 22, 2024

USD/JPY

On Wednesday, the yen tested the embedded line of the global hyperchannel with the peak at 151.82. Yesterday, the price failed to overcome this resistance, as European currencies fluctuated due to the meetings of the Federal Reserve and the Bank of England. The signal line of the Marlin oscillator on the daily time frame started to show an intention to move downwards.

However, if the dollar continues to advance and the USD/JPY pair consolidates above the target level of 151.95, then it may be on track to reach the target of 154.25. Next to it is the upper boundary of the global 12-year ascending price channel.

On the 4-hour chart, the price was marked at the level of 151.82 this morning. If the price reaches 151.95, and falls, preferably with today's candle closing as a black one, a technical divergence with the Marlin oscillator will form. This could be the first sign that the price will not proceed towards 154.25 but instead will reverse into a deep correction (148.82) towards the level approached by the MACD line on the daily time frame.