FX.co ★ Forecast for USD/JPY on December 7, 2023

USD/JPY

The USD/JPY pair appears stable within a descending price channel. The price is clearly aiming for 145.08 (the June 30 high), with a desire to settle below it. Once it reaches this level, the next target will be 143.90 (the peak of August 3) and then 142.70.

We can confirm the price's intention to fall if it breaches the nearest support at 146.24. To disrupt such a plan, the price would need to rise above yesterday's high at 147.51 – with an attempt to climb towards 148.35.

On the 4-hour chart, the price moved downward after a brief struggle with the resistance of the balance and MACD indicator lines. The signal line of the Marlin oscillator has entered the downtrend territory. We are waiting for progress on a new downward wave.