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26.02.202106:14 Forex Analysis & Reviews: Forecast for USD/JPY on February 26, 2021

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USD/JPY

The Japanese yen has almost reached the target range of 106.50/65 and is now forming a double divergence with the Marlin oscillator. This is a sign of an impending deep correction. The first target for such a correction is set by the price channel line at the 105.23 level. Deeper targets are defined by the lows of February 23 and 10: 104.93, 104.42. The main scenario assumes the end of the correction at the nearest target (105.23), since the lower limit of the local bullish price channel passes at the same point.

The price and the oscillator have formed a divergence on the 4-hour chart. The nearest support here is the MACD line at 105.75. Overcoming this line reveals the main target (105.23).

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