Forecast for USD/JPY on January 12, 2021

USD/JPY

The Dollar quote against the Yen reached its target on the embedded line of the descending price channel of the monthly timeframe. With the price fixing above this line, it is likely that the growth will continue to the upper line in the area of 105.54. But the signal line of the Marlin Oscillator shows a reversal, which may indicate a correction after a strong 5-day growth. The correction will be supported by the Kruzenshtern line at 103.70.

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On the four-hour scale chart, the signal line of the Marlin Oscillator intends to exit the consolidation rectangle downwards, which confirms the oscillator's signal from the daily timeframe regarding a local correction.

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The indicator line of the Krusenstern rises and in the event of a decline in the price, it can meet it exactly at the level of 103.70-- on the support of the daily chart. Accordingly, the support level of 103.70 will gain strength. From here., the price is likely to have a new wave of growth.

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