Forecast for USD/JPY on March 1, 2021
In its growth, the USD/JPY pair reached the target range of 106.50/65 and a double divergence formed with the Marlin oscillator. At first glance, a deep correction seems inevitable, but the oscillator readings are not limited to the standard divergence, it develops in its own downward channel and may be going up from it in the near future, that is, the double divergence will not be ready. The 107.35/50 range is the growth target. Here the pair is already outlining the price channel and, obviously, the acceleration of growth.
The price is settling in a narrow target range on the four-hour chart, but if it decides to decline in the correction, it will receive support from the MACD line in the 105.85 area. The February 5 high at 105.78 (ticked on the daily) is below this area, but there are no conditions for such a deep correction in such a strong bullish market sentiment.
The material has been provided by InstaForex Company – www.instaforex.com