Forecast for USD/JPY on 01/18/2021

USD/JPY

Last Friday, the USD/JPY pair traded in a range of 28 points and closed the day with a symbolic rise. Just like the last two days, the price was prevented by the MACD indicator line. The Marlin oscillator maintains its growth potential - it develops in the zone of positive values, which supports the positive momentum that was created a week ago. The closest target for growth is the price channel line at the 104.23 level, consolidation above which opens the target (105.48) along the price channel of the monthly timeframe.

analytics6004f117360ed.jpg

The four-hour chart shows that the price was also held by the MACD line last Friday. The coincidence of lines in the same price range of different time frames strengthens the quote's role as support. Accordingly, falling below this support, under the signal level of 103.57, will create a strong downward momentum towards the target level of 103.00. But this is an alternative scenario. We expect to take the linear resistance (104.23) and the price to grow further.

analytics6004f12444f89.jpg

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

Pages