03.10.202306:46 Forex Analysis & Reviews: Forecast for USD/JPY on October 3, 2023

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USD/JPY

On the daily chart, the signal line of the Marlin oscillator has successfully left its own descending channel and has moved upwards. Moreover, this occurred after the signal line reversed from the border of the trend (the zero line, red arrow). The price approached the target level of 150.00. Overcoming this level will allow the yen to reach the price channel line in the area of 150.33, and surpassing this level will pave the way for the price to reach the target of 151.95 - the peak of October 2022.

On the 4-hour chart, the Marlin oscillator continues to show a sideways trend, while the price has risen by about two and a half figures during this time. Also, pay attention to the proximity of the signal line to the border of the downtrend territory. There is also an unclosed gap from the week's opening.

The proximity of strong resistances and signs of weak growth indicate the chances of a corrective move to the MACD line on the 4-hour chart, in order to close the gap and create more conditions for subsequent growth. However, the price will gain more reasons to rise if it reaches the price channel line in the area of 147.97, where the MACD indicator line on the daily chart is approaching.

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