Forecast for USD/JPY on March 24, 2021

USD/JPY

The USD/JPY pair still cannot withstand the pressure of European problems, and at the same time, the fall in European and US stock indices, having lost 40 points yesterday and this morning - the yen then continued to strengthen as a safe-haven currency. The US S&P 500 fell 0.76% yesterday, and the Nikkei 225 is losing 1.67% this morning.

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The nearest stop is seen at the 108.16 level, if such a stop does not turn out to be the March 10-11 low at 108.37. If the price settles below 108.16, the price may fall to the target range of 107.35/50. The Marlin oscillator went down from its extended range on the H4 chart.

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The Marlin oscillator is approaching the border of the downward trend area on the daily chart. If the price does not reverse from the 108.16 level, Marlin will settle below the zero line and pull the price deeper to the target range of 107.35/50.

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

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