Forecast for USD/JPY on March 4, 2021

USD/JPY

The USD/JPY pair is moving below the upper border of the price channel of the daily timeframe for the fourth day. Yesterday, the dollar grew by 32 points and the US stock market fell by 1.31% (S & P500), which is very indicative of the pair's sentiment towards medium-term growth. The 107.35/50 target remains relevant.

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The signal line of the Marlin oscillator is not yet firm on the idea to leave the area above the forming double divergence line, but the chances of such a breakout are increasing, since, first of all, this signal line does not decrease, which is not usual for a variant with a potentially active double divergence. That is, there is a great chance that it would not.

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The growth continues on the four-hour chart, but only the price is growing, without the support of the oscillator. If the situation does not improve, then the price could fall to the range of 106.50/65. The MACD line also aiming for this range.

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

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