FX.co ★ Forecast for USD/JPY on February 1, 2023

The Japanese yen is waiting for today's Federal Reserve meeting with more patience than other currencies. On the daily chart, the price is moving strictly sideways along one of the price channel lines for the sixth day. The nearest resistance is the MACD line, the nearest support is 127.27, which is the bottom line of the price channel.

The signal line of the Marlin oscillator is consolidating under the upper line of its own descending channel. This consolidation increases the probability of a breakthrough of this channel, to the upper limit of the rising channel of turquoise color. Accordingly, the main scenario is that the price will increase with an attack on the MACD line. Crossing the line will open the second target of 133.77.

On the four-hour chart, the price develops above the MACD indicator line. The Marlin oscillator is moving sideways almost along the zero neutral line. Waiting for the Fed's monetary policy decision and the Japanese currency's reaction to it.