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20.10.202204:56 Forex Analysis & Reviews: Forecast for USD/JPY on October 20, 2022

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The yen hit an important target at 150.00 (this morning's actual high of 149.96). In addition to being a round number, the target is defined by an embedded monthly timeframe price channel line. Above it are levels with increased frequency, approximately every 80 points.

There were rumors again on the market that the Bank of Japan is preparing another intervention. The technical component also indicates to us a high probability of a price reversal during the formation of a divergence with the Marlin Oscillator. We believe that this is the main scenario for further developments. The nearest target in this case will be the price channel line in the area of 147.40.

A divergence is also preparing to form on the four-hour chart. We will find out later this evening whether the reversal will take place or not.

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