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05.04.202105:43 Forex Analysis & Reviews: Forecast for USD/JPY on April 5, 2021

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USD/JPY

The Japanese yen is forming a consolidation over the embedded green line of the monthly price channel for the third day. The price does not react strongly to the almost ready divergence with the Marlin oscillator, which indicates the market's strength. The main scenario is still growth. Goals: 111.39 (October 2018 low), 112.15 (March 2019 high).

The Marlin oscillator quickly moved down from the March 31st peak on the four-hour chart. With this movement, it is discharged and is ready to rise along with the price exit from the consolidation to the upside, from the gray rectangle. First target at 111.39.

Getting the price to settle below the MACD line, under 110.05, opens an alternative scenario with a deeper correction to the nearest target of 108.40.

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