FX.co ★ Forecast for USD/JPY on March 24, 2020

USD/JPY

The Japanese yen continued to form reversal technical models on Monday, strengthening them in today's Asian session. On the daily chart, this is a more pronounced reversal of the signal line of the Marlin oscillator; This is the formation of a double complex divergence on the four-hour chart.

The first goal of the decline is the MACD line on the daily chart on 109.10. Overcoming support opens the second target along the price channel in the area of 107.90. Behind it, a third target also opens along the line of the price channel at a price of 107.05.

On the four-hour chart, the 107.90 target level coincides with the MACD line moving towards it. The price might probably rebound from this level. Overcoming the third goal of 107.05, consolidating below it, opens the way to a deeper decline - to the embedded line of the price channel in the 102.70 area (daily).