FX.co ★ Forecast for USD/JPY on January 7, 2021

USD/JPY

The technical convergence of the price and the Marlin oscillator for the Japanese yen is gaining momentum. The pair gained 33 points yesterday, showing 76 points growth at the moment. The balance indicator line limited growth on the daily chart. Getting the price to settle above the 103.18 level opens the 103.65 target - the MACD line, then it is likely to rise to the embedded line of the price channel in the 104.28 area.

The four-hour chart shows that after reaching the convergence, the Marlin oscillator has settled in the growing trend zone. The price is currently struggling with a strong level like 103.18, to which the MACD line has approached. We believe that the price will cope with this resistance and continue to rise to 103.65.