Forecast for USD/JPY on February 17, 2023

USD/JPY broke through the resistance of the global price channel line at 133.77 on Wednesday, consolidated above the level on Thursday, and then continued to rise during the Asian session today.

Now, it is heading towards the target level of 137.62, thanks to the Marlin oscillator being in a positive area.

There is also a small consolidation above the level of 133.77 on the four-hour (H4) chart. The Marlin oscillator has released a little tension, seemingly ready for a more decisive rise. And since the pair broke through yesterday's high, it is likely that the quote will hit the target level of 137.62.

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

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