For Traders

Analytical Reviews

Technical analysis

22.03.202405:55 Forex Analysis & Reviews: Forecast for USD/JPY on March 22, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY

On Wednesday, the yen tested the embedded line of the global hyperchannel with the peak at 151.82. Yesterday, the price failed to overcome this resistance, as European currencies fluctuated due to the meetings of the Federal Reserve and the Bank of England. The signal line of the Marlin oscillator on the daily time frame started to show an intention to move downwards.

However, if the dollar continues to advance and the USD/JPY pair consolidates above the target level of 151.95, then it may be on track to reach the target of 154.25. Next to it is the upper boundary of the global 12-year ascending price channel.

On the 4-hour chart, the price was marked at the level of 151.82 this morning. If the price reaches 151.95, and falls, preferably with today's candle closing as a black one, a technical divergence with the Marlin oscillator will form. This could be the first sign that the price will not proceed towards 154.25 but instead will reverse into a deep correction (148.82) towards the level approached by the MACD line on the daily time frame.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.