Forex Analysis & Reviews: Forecast for USD/JPY on March 22, 2021

USD/JPY
The USD/JPY pair was in a neutral state last Friday, closing the day almost at the opening level, this morning the market opened with a falling gap of 22 points, closed in the next half hour of trading. Conditions have been created in order for the price to move up to the embedded line of the rising price channel of the higher timeframe (110.37), but the Marlin oscillator is descending along a steep trajectory, which is more likely to prolong the price consolidation of the last five sessions. A reversal of the indicator and a breakout of the price to the upside is likely tomorrow on Tuesday.

The price, with the gap closing, returned to last week's consolidation range highlighted by the gray rectangle on the four-hour chart. The Marlin oscillator did not leave its own range. With the dollar's strength, and the price going over the MACD line in the area of 109.35, it is likely that the price will move to the upside.

Analysis are provided by InstaForex