FX.co ★ Forecast for USD/JPY on December 29, 2020

USD/JPY

The Japanese Yen has fallen into a horizontal trend. It is indicated by a gray rectangle on the four-hour scale chart. The range fits between the target levels of 103.18 and 104.03.

The Marlin oscillator wedge has transformed into an inclined channel. At the moment, the oscillator line is unfolding from its upper border but for a signal a short-term fall, it is necessary to exit the channel downwards. To do this, the price should go below yesterday's low of 103.41. This is already below the Kruzenshtern line.

On the daily chart, Marlin shows the intention to turn around from the border with the territory of growth. The trend is still in a downward direction. We are waiting for developments-- the situation is not trade.