FX.co ★ Forecast for USD/JPY on February 7, 2022

The dollar continues to attack the yen, but its desire to reach the embedded line of the price channel around 117.15 does not look obvious or strong. Two attempts to do this - in the second half of December and January 27-28, failed. Now the third attempt is being prepared, for which the price should settle above the MACD line, above the level of 115.40. The Marlin Oscillator helps, as it is in the zone of a growing trend. Another failure may lead to a decrease to the lower line of the price channel in the area of 113.32.

The situation is fully ascending on the four-hour chart: the price is above both indicator lines, the Marlin Oscillator is in the positive area. The departure of the price under the MACD line, below the level of 114.64, will finally break the short-term growing trend.