FX.co ★ Forecast for USD/JPY on March 23, 2020

USD/JPY

The price did not reach the price channel line (111.98) last Friday as well as today in the Asian session, reinforcing the intention to resume the decline. This intention will intensify when the price overcomes the support of the MACD line on the daily chart, below the price of 109.10, which opens the target along the lines of price channels in the 107.05/90 range.

Technically, the intention of the price to turn down on this chart is visible only by the reversal of the Marlin oscillator.

The reversal signal is more pronounced on the four-hour chart, this is the formed divergence in the oscillator. Here, the price reduction can get support from the MACD line (blue indicator), which is already close to the lower boundary of the target range 107.05 and may be higher than this level when meeting the price. Accordingly, on the H4 scale, the 107.05/90 target range is confirmed.