Forex Analysis & Reviews: Forecast for USD/JPY on August 24, 2021

USD/JPY
The drama continues for the yen. On yesterday's daily chart, the price touched the MACD indicator line and fell below the target level of 109.80. Due to this fall, the Marlin oscillator could not enter the zone of positive values. Now the price is struggling again with the level of 109.80. Apparently, for a successful exit above the MACD line, it needs to settle above this level (109.80), thus creating a base for an attack on resistance.

The Marlin Oscillator is holding on to an upward trend on the four-hour chart. The price is above the balance indicator line, but below the MACD line. Here, too, it will not hold back the price from creating a consolidation in the range between the level of 109.80 and the MACD line for the subsequent successful breakthrough of the interfering resistances. If, however, consolidation forms below the level of 109.80, then the price may return to the early support at 109.20.

Analysis are provided by InstaForex