Forecast for USD/JPY on October 22, 2021

USD/JPY

USD/JPY continues to consolidate ahead of further growth (according to the main scenario) to the target level of 115.80. The signal level is the resistance at 114.45, which did not allow the price to develop the growth on October 15, 18, 21.

The Marlin Oscillator has been declining for the past five days. This circumstance creates the risk of a deeper correction, to the support of the price channel line at 113.12.

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On the four-hour chart, the price consolidated below the MACD indicator line, the Marlin Oscillator is in the negative area. This partly confirms the price's intention to decline to the target of 113.12. A decline below yesterday's low of 113.66 will confirm this intention. At the moment, the probability of a decrease is 60%.

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The material has been provided by InstaForex Company - www.instaforex.com

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