Forecast for USD/JPY on January 19, 2021

USD/JPY

Yesterday, the Japanese yen strengthened (fell on the chart) by 16 points. As in the previous five days, support was provided by the MACD line. The Marlin oscillator moves horizontally in the growing trend zone, which together tells us that the price intends to attack the resistance of the trend line at 104.23. Fixing above the line will create a basis for growth to 105.48.

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The price on the four-hour chart slightly went under the MACD line, but returned above it this morning. The Marlin oscillator is trying to move into the zone of positive values. In the near future, the price can be expected to jump to the first target of 104.23.

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The negative scenario assumes a price movement to 103.00 after the price consolidates under the signal level of 103.57.

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

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