05.04.202309:31 Forex Analysis & Reviews: Forecast for USD/JPY on April 5, 2023

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The USD/JPY pair's downward correction was slightly larger than anticipated, but it still found support at the MACD indicator line in the four-hour time frame. The extent of the decline was approximately 62% of the prior growth.

The Marlin oscillator's signal line indicates the intention to turn upward. Still, confirmation is required by the price passing above the lows of March 30 and April 3, aligning with the 38.2% Fibonacci level (132.20). Still, the most likely scenario is still a price reversal followed by a rise to the target level of 134.25. If the price surpasses today's minimum of 131.32, bears will attempt to generate success with their daily targets.

The daily scale chart shows the MACD indicator line at 130.70 as the target support. The nested line of the global price channel with the mark of 130.25 is just below it. The growth target is the upper nested line of the price hyper channel near the 134.25-point mark.

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