FX.co ★ Forecast for USD/JPY on December 15, 2023

USD/JPY

The USD/JPY pair continues to support the dollar's broad weakness. Yesterday, the yen strengthened by 97 pips, and the lower shadow of the daily candle tested the target support at 141.23. During the correction, the price approached the resistance level at 142.70 this morning.

This level is strong, so we don't believe that the price has any reason to overcome it. After completing the correction, a consolidation could form before the level for 1-2 days. After that, we expect a new test of support at 141.23 and further down to 140.35, coinciding with the embedded line of the price channel.

On the 4-hour chart, the price and the Marlin oscillator formed a weak convergence. However, the oscillator quickly moved upward, so it may briefly linger at elevated values before turning downward.