empty
 
 
24.03.2023 05:38 AM
Forecast for USD/JPY on March 24, 2023

This morning, the price reached the target support on the embedded price hyperchannel line of the monthly chart at 130.18. To achieve this goal, the price had to push through the support of the MACD indicator line. Now, if it goes back above that line, the price will gladly return to the uptrend - the bearish correction from the January 16-March 8 movement was quite deep, over 62%.

This image is no longer relevant

On the daily chart, the Marlin oscillator signal line has fallen to current levels in a descending arc and is reversing upward. USD/JPY will aim for the upper line of the embedded price channel at 134.15.

This image is no longer relevant

On the four-hour chart, the Marlin oscillator is moving in an ascending channel while the price is falling. At the moment, the signal line of the oscillator is at the lower limit of this channel, and the price could also move upwards. We can confirm the reversal once the price climbs above the MACD line near the 132.00 mark. There's a high probability that a fall below 130.18 will be a false movement.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback