Forecast for USD/JPY on January 6, 2021

USD/JPY

The yen is moving towards its target of 102.35 with difficulty upon increasing. Based on the daily scale chart, a double convergence has already formed and the specified goal may not be achieved. In choosing a plan between the fall of the stock market and the strengthening of the dollar, the yen tends to strengthen the dollar with the overcoming of the level of 103.18, the price will attack the Kruzenshtern line of 103.65 and the target levels will be higher: 104.28, 105.57 if it will become successful.

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As we can see on the H4 chart, the Marlin oscillator price formed a convergence in a reversal moment. If there is no double convergence, then the price from the current levels will take on overcoming the important level of 103.18, to which the Kruzenshtern line is approaching and strengthening it. Thus, overcoming the price of strong resistance will give an even greater impetus to further growth. We are waiting for developments.

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