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

USD/JPY

Yesterday, the USD/JPY pair passed the entire range of levels between 147.17 and 148.18, and in today's Asian session, it turned towards the support at 147.17. There is no threat to the downtrend at the moment. If the price consolidates below 147.17, the next target will be 145.08. The Marlin oscillator is descending in the negative territory.

On the 4-hour chart, the MACD indicator line stopped the upward movement. The signal line of the Marlin oscillator made a (as it currently appears) false breakout above the zero line and returned back to the downtrend territory. The target is 147.17.

Nevertheless, if the price can settle above the resistance that it reached yesterday, it may continue to rise towards the MACD line on the daily chart, around the 149.60 mark.