Forecast for USD/JPY on October 19, 2021

Yesterday, the yen traded in a small range with a final increase of 10 points, but trading volumes were high. This can be a sign of closing positions before the price reversals to the downside. This morning, the price returned to the area below the target level of 114.22 with the unfolding Marlin Oscillator. The price is probably adjusting to move to the nearest support at 113.12 - to the embedded line of the price channel of a higher time frame. Consolidating below it will make it possible for a larger movement by one and a half to two figures.


The Marlin Oscillator has infiltrated a downtrend zone on the four-hour chart. If the price moves below the MACD indicator line (113.70), the price will confidently attack the first target support at 113.12.


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