FX.co ★ Forecast for USD/JPY on January 12, 2023

This morning, the Japanese yen fell to the lower limit of the consolidation of the last four days. Like the European currencies, the yen is waiting for today's US inflation report for December. The signal line of the Marlin oscillator makes a second attempt within a week to move into a downward trend area. If it succeeds this will help the price reach support at 129.77. Crossing the level makes the 127.10 target available.

The embedded lines of the global price channel marked on the daily chart have changed in accordance with the current situation.

On the four-hour chart, the price is trying to cross the support of the MACD line. It is helped by the Marlin oscillator, which has already moved into the downward trend area.

So, we wait for the price to reach the first target at 129.77. This is the main scenario.

The alternative involves crossing the resistance at 133.50 and a possible further growth to the MACD line on the daily chart (137.00).