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09.04.202106:07 Forex Analysis & Reviews: Forecast for USD/JPY on April 9, 2021

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USD/JPY

On the daily chart, the technical divergence was completely done. The price moved below the target level of 109.37 yesterday, and tried to consolidate below it this morning. Formally, the lower target level of 108.40 is already open, with the MACD indicator line moving towards it. A reversal may occur in the area of this level, since the correction is coming to an end, as well as the continued growth towards the target of 111.39.

As for the H4 chart, there are signs of the formation of another consolidation below the level of 109.37. Something similar above this level was expected yesterday, but if the consolidation is formed under the technical level, then the price will most likely decline.

From the technical side, a price reversal from the current levels is possible, since a consolidation below the level of 109.37 is not ready. Thus, a movement below which will be considered false. However, it will also be hard for the pair to rise unless it settles above the level of 110.00. This means that it has to break through the consolidation on April 6-8 and the MACD line in order to leave the bearish side. At the moment, the situation remains uncertain, so we are waiting for the events to develop.

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