Forecast for USD/JPY on January 25, 2021

USD/JPY

The potential to reverse has materialized for the USD/JPY pair last Friday. The daily chart shows that the price rose from the support of the MACD line, while the Marlin oscillator turned to the upside from the border of the negative area. The nearest target of the pair is 104.18, along the price channel line. Getting the pair to settle above it opens a higher target at 105.44, also along the embedded price channel line of the higher (monthly) timeframe.

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The four-hour chart shows that the price is consolidating slightly ahead of Friday's high (103.90) and ahead of the MACD line. Surpassing this resistance (103.90) will provide the currency pair with the chance to advance further. The convergence of price and the Marlin oscillator continues to develop and is helping this offensive.

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

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