FX.co ★ Forecast for USD/JPY on March 17, 2021

USD/JPY

The USD/JPY pair stopped rising yesterday due to the foreign markets' indecisiveness ahead of today's Federal Reserve meeting. Even stock indices closed in different directions: Dow Jones -0.39%, Nasdaq 0.09%. Today we expect the dollar to revive and the pair to rise to the previously defined target of 110.35. The only roughness in this regard is a slight price divergence with the Marlin oscillator. This may have an effect in the event of other unexpected political or economic events, but if the markets rise, the divergence translates into a short-term pullback, which we see, with an upward reversal.

The divergence does not appear on the four-hour chart, while Marlin left the negative trend zone and is ready to grow further. The price is supported by the balance and MACD indicator lines.