FX.co ★ Forecast for USD/JPY on January 22, 2021

USD/JPY

Yesterday, the USD/JPY pair fell below the Kruzenshtern line on the daily chart, but formed a reversal candle pattern under it. This morning, it is already growing above this Kruzenshtern line. The Marlin Oscillator turned in growth from the border with the territory of the bears. The price does not need to make any more false movements and it is heading towards its first target of 104.18 at the nested line of the price channel of the higher (monthly) timeframe.

On the four-hour scale chart, the price growth is supported by a divergence with the Marlin Oscillator. The Oscillator itself is about to enter the zone of positive values. The intermediate price target on the way to 104.18 is the Kruzenshtern line at 103.85. Fixing the price above 104.18 opens the target of 105.45.