Forex Analysis & Reviews: Forecast for USD/JPY on February 27, 2023

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On Friday, the yen showed its intention to break through the 137.70 target. Overcoming the resistance of this embedded price channel line will allow the pair to try and hit 138.90, 140.90 as well as other target levels.

However, this brilliant plan is hindered by the Marlin oscillator, which is very reluctant to continue rising on the daily chart. The prospect of its growth is great, but the potential for a reversal to the downside is also great. It is very likely that before the price climbs above 137.70, the correctional decline to 133.90 will follow.

On the four-hour chart, so far, the situation supports the growth scenario - the price is above the indicator lines, and after the reversal from the MACD line, the Marlin oscillator is in a position to rise. We're waiting for the completion of the growing branch of the 133.90-137.70 range.

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Analysis are provided by InstaForex

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