Forecast for USD/JPY on March 2, 2021

USD/JPY

Yesterday, the yen has exactly reached the upper border of the rising channel, which began on January 6th. The Marlin oscillator reached the upper border of its own price channel, and all this created a certain intrigue - whether there will be a price breakout to the upside, or whether it will turn into a correction.

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The pair's behavior in the last ten days shows that the dollar is rising against the yen both with the growth of the stock market and its fall, but subject to the strengthening of the dollar against other currencies. This fact significantly increases the likelihood of a rising scenario.

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The Marlin oscillator has been moving horizontally on the four-hour chart since February 25th. Most likely, this is a consolidation before the oscillator's succeeding growth. We are waiting for the price in the target range of 107.35/50.

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

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