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18.08.202205:27 Forex Analysis & Reviews: Forecast for USD/JPY on August 18, 2022

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Yesterday the dollar continued its attack on the Japanese currency and overcame the technical resistance of the embedded price channel line at 134.32. Now the price is moving towards the second target level of 136.02 - the upper parallel line of the price channel.

But there is one circumstance due to which the price may not reach the target - the Marlin Oscillator turns down without leaving the negative area. If for this reason the price returns under the level of 134.32, then it will most likely work out the underlying line of the price channel in the area of 132.28.

The price is holding an upward position on a four-hour scale, but one circumstance is alarming - the price has made an exit above the upper limit of the local price channel and returned to it. Therefore, the upper target at 136.02 can only be worked out after yesterday's high (135.50) is overcome. Ultimately, we are waiting for what choice the price will make: an increase to 136.02 after overcoming 135.50, or a decrease to 132.28 after leaving under 134.32.

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