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22.03.202305:37 Forex Analysis & Reviews: Forecast for USD/JPY on March 22, 2023

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After breaking the support of the MACD indicator line on the daily chart, the USD/JPY pair rose by 116 pips on Tuesday. This morning, the price is testing the resistance of the balance indicator line. The Marlin oscillator is slowly rising - it is hampered by its current location in the area of the downtrend.

Today's Federal Reserve rate hike of 0.25% or 0.50% will strengthen the price's growth and the target level of 134.08 - the price hyperchannel line of the monthly timeframe may be reached. The pair consolidating above this level may develop the growth in the medium term. The target is 138.00.

On the four-hour chart, the price convergence with the oscillator stimulates the dollar to break through the MACD line (133.10). If it succeeds, the pair can reach the 134.08 target.

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