FX.co ★ Forecast for USD/JPY on February 9, 2021

USD/JPY

The USD/JPY pair fell by 15 points yesterday, and lost another 20 in the Asian session today. But this decline is associated with the general weakening of the US dollar caused by a sharp departure to risky instruments due to the explosive growth in the cryptocurrency market. However, it is for this reason that we are waiting for the pair to turn up, since the yen is a safe haven currency and during periods of growing interest in risk, it weakens against the dollar. The market needs some time to stabilize. When the price goes over the price channel line near the 105.36 mark, it will go again to the target range of 106.50/65.

On the four-hour chart, the fully worked-out divergence of the price with the Marlin oscillator is visible. The price is currently breaking under the MACD line and trying to get under the first correction range marked in gray (consolidation on February 2-4). With the exit below this consolidation, the price will move to the next one, with support at 104.62. Here, we can expect the price to turn up. But if this level is overcome, the price will continue to decline to the price channel line in the area of 104.02. We are waiting for developments, the situation today is not trading.