FX.co ★ Forecast for USD/JPY on January 6, 2022

Yesterday, the Japanese yen decided to stay in a narrow target range of 115.80-116.15 and this was due to objective circumstances: a decline in the dollar index by 0.11% and a fall in the US stock market by 1.94% (S&P 500). The stock market and the dollar still have a good chance of recovery - tomorrow there will be data on employment in the US for December and the forecast is very optimistic: 400,000 new jobs are expected in the non-agricultural sector, the unemployment rate will drop from 4.2% to 4.1 %.

Based on these optimistic expectations, the current consolidation in the target range can be taken as a respite for the price before further growth towards the target level of 117.05. The embedded line of the monthly timeframe price channel runs in the same area.

The situation remains the same on the four-hour scale - the price is in a growing position above both indicator lines, the Marlin Oscillator in the positive area begins to form a reversal towards continued growth. If the price moves below the MACD line (below 115.57), an attack on the daily MACD line (114.78) may develop.