Forecast for USD/JPY on March 19, 2021

USD/JPY

The Japanese yen continues to consolidate while the US dollar deals with its European competitors. After the Fed and Bank of England meetings, this period has ended, and the yen meets the latest and more important release directly from the Bank of Japan this morning. It came out neutral without any changes.

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Based on the daily chart, the Marlin oscillator has slowed down the decline and shows the intention to move up. The target of the pair's growth is the nested line of the growing price channel at 110.37.

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According to the four-hour chart, the price and the Marlin oscillator are developing in their own ranges. The consolidation will end with the exit of the price above the Kruzenshtern line at 109.30. We are waiting for this moment to start buying the USD/JPY currency pair.

The material has been provided by InstaForex Company - www.instaforex.com

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