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26.09.2022 04:56 AM
Forecast for USD/JPY on September 26, 2022

In the face of Friday's growth of the dollar index by 1.56%, the USD/JPY pair added 0.68% (100 points). We do not think that the Bank of Japan will stop protecting the 145 level after the first intervention on the 22nd, so we expect a slowdown in the fall of European currencies and a reversal in the USD/JPY pair to the nearest support at 141.25, determined by the embedded price channel line of the higher timeframe. The MACD indicator line approaches this line, strengthening it.

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The Marlin Oscillator on the daily chart is declining in its own narrow channel. The price lacks its support for the development of a downward movement. Such support will appear when the signal line of the oscillator goes into the negative area.

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The price went above the MACD line on the four-hour chart, above the balance line, and the Marlin Oscillator moved into the area of positive values. Formally, this is a continuation of short-term growth. Let's see how short-term this growth will be. After consolidating under the MACD line (143.55), we are waiting for a new wave of decline in the currency pair. Aim for 141.25.

Laurie Bailey,
Analytical expert of InstaForex
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