Forecast for USD/JPY on January 8, 2019

USD/JPY

Yesterday, the Japanese yen did an important job - it came out above the resistance of the downward trend line on the daily timeframe. The stock market helped her in this - on Monday the S&P 500 grew by 0.70%, and, it seems, not without the active participation of Trump and Mnuchin, the American market began to recover. Under the recovery, we expect the growth of the S&P 500 not lower than 2800. As a result, we expect the price to consolidate above the nearest resistance on the four-hour chart 109.20 and rise to 109.45 - the growing trend line on the daily chart. Next, the yen will rise from resistance to resistance: 110.62, 111.48.

We also mean that a corrective pullback is possible from any of the resistances.

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