Forecast for USD/JPY on January 11, 2021

USD/JPY

The USD/JPY pair added 30 points in today's Asian session, due to positive expectations on a new monetary stimulus that Joe Biden had promised at the end of last week (trillions of dollars). Biden will elaborate on the topic this week.

The price is approaching the first target of 104.30. Once the quote has surpassed the level, it will aim for the second target (105.54) along the trendline of the higher price channel.

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The four-hour chart shows that for all indicators, the mood for growth remains with one nuance - the signal line of the Marlin oscillator lies within the range, which warns that the quote might overcome resistance at around 104.30, not just once. But maybe it could only happen the following day.

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