20.03.2023 05:53 AM
Forecast for USD/JPY on March 20, 2023

On Friday, the yen significantly strengthened by 174 points, falling below the balance indicator line, thus strengthening the potential for further strengthening its position against the U.S. dollar.

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The Marlin oscillator is moving deeper into the negative zone. The nearest target is 130.95, which is the MACD indicator line. Overcoming this support will open the second target at 130.15.

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On the four-hour chart, we can see that the bears are getting weaker, the price convergence with the Marlin oscillator is formed here. Climbing above the zero line will increase the potential for growth. Afterwards, it is possible to surpass the resistance at 134.06, which is the embedded line of the price hyperchannel, marked on the daily chart.

Laurie Bailey,
Esperto analista di InstaForex
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