Forecast for USD/JPY on March 23, 2021

USD/JPY

The USD/JPY pair's growth was not pronounced yesterday, as the correction of other major currencies took place against the background of the hype around the Turkish lira, which collapsed by 14% over the day due to the resignation of the head of the country's central bank Naci Agbal. The situation has stabilized this morning, and the lira has won back half of yesterday's fall.

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But on the technical side, the Marlin oscillator continues to fall rapidly on the USD/JPY pair's daily chart, this is a sign of continuing consolidation, which may turn into a deeper correction.

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On the four-hour chart, the price has been kept below the balance indicator line for more than a day, and if the quote does not exceed it by today, the price will leave the consolidation range and continue to fall to the target level of 108.16. The Marlin oscillator is being held in its own consolidation range with the last bit of strength. The pair is not in a trading situation.

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

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