Forecast for USD/JPY on April 19, 2023

Yesterday, the US dollar lost 35 points against the Japanese yen, coinciding with the dollar weakening throughout the market and the price's struggle with the technical resistance of the strong price channel line (134.30, daily).

The signal line of the Marlin oscillator is pointing upward in the area of the uptrend. The bullish target is 135.40 - the low on March 6th. Consolidating above this level will allow the price to rise to the next embedded price channel line around 138.34.

On the four-hour chart, the Marlin oscillator resumed growth after the signal line rebounded from the limit of the area of the downtrend (arrow). The price is rising above the balance and MACD lines, with the main trend being upward. To guarantee it, the price needs to consolidate above 134.30.

Analysis are provided by InstaForex

Read More https://ifxpr.com/41mdB8e