FX.co ★ Forecast for USD/JPY on February 2, 2022

On Tuesday, against the backdrop of a general fall in the US dollar, the yen strengthened (decreased on the chart) by 0.32%. The price on a daily scale overcame the support of the balance indicator line, which showed a shift in investor interest in short positions. The goal of these short positions in the area of 113.30 is at the price channel line of the monthly timeframe.

At the moment, the Marlin Oscillator is in the negative area, but the market's weakness to continue pushing through the dollar may turn the oscillator upside down from the border with the bears' territory. Thus, if today does not close at least at the opening level, the downward potential will open in full force tomorrow. To confirm the growth, the price needs to go above the MACD line, above 115.38. Growth target at 117.17.

On the H4 chart, the situation is borderline. The price is above the indicator lines, which indicates that the price of the last three days has fallen as a correction, but Marlin is in the negative area, and the older timeframe has prerequisites for an attack on the MACD line (114.25). It remains to wait for developments.