Forecast for USD/JPY on March 3, 2021


Yesterday, the yen (or rather, the dollar against the yen) did not surpass the upper border of its price channel and slightly decreased to the support range of 106.50/65. The Marlin oscillator also noted a decline from the upper border of the channel. But the decline is not so much corrective as it is "bent", before the price rises further. The growth target is the 107.35/50 range. Getting the pair to settle above it may accelerate the growth, if, of course, the price leaves the price channel as well.


The four-hour chart shows that the Marlin oscillator still came out of its own consolidation to the downside, but now we see its turning upward and also a price reversal to the upside. The main event of the day will be data on new jobs in the US nonfarm sector in February. The release of the fundamental indicator will give a new impetus to the markets, including the stock markets, which will also support the pair's growth.


The material has been provided by InstaForex Company -