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29.03.202104:58 Forex Analysis & Reviews: Forecast for USD/JPY on March 29, 2021

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USD/JPY

The price surpassed the March 15 high last Friday. Now the 110.37 target - the embedded line of the price channel of the monthly timeframe - has become more tangible. Surpassing it will open the target along the upper embedded line in the area of the 112.80 mark.

But the signal line of the Marlin oscillator begins to turn down, which can increase the current black candlestick, and only tomorrow's candlestick will become white. A longer decline carries the risk of a deeper fall, towards the target levels of 108.16 and 107.35/50, as divergence with the Marlin oscillator may form.

The price has gone above the MACD indicator line on the four-hour chart, and now it is moving back down to it. The main scenario prescribes the price not to go below the MACD line at 109.35, the level which coincides and is strengthened by the peaks on March 15 and 17. Getting the price to settle under the MACD line, below the 109.35 level, may extend the correction to the target level of 108.16.

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