24.03.202205:54 Forex Analysis & Reviews: Forecast for USD/JPY on March 24, 2022

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Yesterday's doubts about the dollar's weakness in reaching the target level of 121.70 were confirmed. Under the pressure of external forces (the US stock index S&P 500 fell by 1.23%), the USD/JPY fell short of the designated target by about 30 points. Will the dollar be strong enough to reach the target today? It is possible, but the Marlin Oscillator turning down from the overbought zone suggests that this will be the last price jerk before it returns to the range of trend lines of the price channel at 119.50/94.

On the four-hour chart, a price divergence with an oscillator has formed. The price may already turn down from the current levels. But along with the divergence, a nuance appeared - even a successful attempt by the price to reach the target level of 121.70 will not break the formed divergence, it will only intensify with a double formation. It is also seen on H4 that the MACD indicator line enters the target area. The range increases its value in the current situation - overcoming it opens the way to a confident advance to the next price channel line (on the daily) in the area of 117.17. And the daytime MACD line is already approaching this area.

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