FX.co ★ Forecast for USD/JPY on December 11, 2023

USD/JPY

The pair's corrective rise from the December 7th low amounted to 390 pips, reaching the 38.2% Fibonacci retracement level this morning. It is possible that the correction has ended here, and now the price will try to overcome the low with 140.35 (the September 2022 low) as the target level, very close to the price channel line.

If the price still has the strength to rise, it may turn the other way from the nearest resistance at 146.24. The downtrend remains intact.

On the 4-hour chart, a sign of the price reversal is when the Marlin oscillator's signal line returns to the negative territory, which would be a false breakout to the upside. It is possible to overcome the resistance at 146.24 due to the proximity of the MACD line, creating a magnetic point at that level. Consolidating below 145.08 paves the way for the pair to reach the first bearish target at 143.90 (August 3 high).