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30.03.2023 05:13 AM
Forecast for USD/JPY on March 30, 2023

As we expected, the USD/JPY pair has chosen to rise to the nearest target of 134.15 - to the nearest embedded line of the global hyperchannel. Yesterday's price spurt was 197 pips. The pair continued to rally until the resistance levels, the highs of March 22 and February 6. After a short break, I expect the pair to reach the target.

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If, however, the Marlin oscillator does not manage to consolidate in positive territory until then, a deep correction will follow from the level. If Marlin strengthens in the positive territory and the price consolidates above 134.15, USD/JPY may continue to rise to the 138.15 target.

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On the four-hour chart, the price has settled above the balance and MACD indicator lines, the Marlin oscillator slightly turns down, correcting before it rises further. The signal for growth is when the price settles above yesterday's high at 132.90.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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