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31.03.202004:46 Forex Analysis & Reviews: Forecast for USD/JPY on March 31, 2020

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USD/JPY

Today, the dollar is correcting up against the yen after the previous four-day fall. The closest and most powerful correction resistance is the MACD line on the daily chart on the price of 109.05. Departure of the price to support the price channel line at 107.02 opens the way to the lower channel line to the 102.60 area. Consolidating the price over the MACD line puts the dollar in a very difficult position of uncertainty of freely roaming in the 109.05-111.88 range, which in practice can mean that a certain range could form - a triangle or a flag.

The situation is completely decreasing on the four-hour chart: the price is below the indicator lines, the Marlin oscillator is in the negative zone. From which, however, shows the intention to leave. Growth may continue to the MACD line at 109.70, which is higher than the resistance of the MACD line on the daily scale. Even in this discrepancy, uncertainty and possibility that the price could roam around begins. But all this uncertainty is related only to growth. Leaving the price below the linear support of 107.02 opens the way to a decrease to 102.60.

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