Forecast for USD/JPY on March 9, 2021

USD/JPY

This morning, the USD/JPY pair has reached the upper border of the price channel, which began in June 2015. Exit above it, above 109.19, abolishes the entire structure of the embedded lines of this channel and brings the price into the area of the growing green price channel (on the daily chart) starting in June 2016. The first target within this channel is 110.33. The Marlin oscillator is in the overbought zone, we still expect a slight pullback from the price today. But the indicator of one indicator is not enough, a strong trend can delay the indicator in the overbought zone for a long time, pushing it higher and higher.

analytics6046df9b599ca.jpg

At the initial stage, the price divergence with the Marlin oscillator has formed on the four-hour chart, but it does not look strong, so the pullback before the dollar's succeeding growth is not expected to be large.

analytics6046dfa8e06ff.jpg

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

Pages