FX.co ★ Forecast for USD/JPY on December 21, 2023

USD/JPY

On Tuesday, the USD/JPY pair almost reached the target level of 145.08 and sharply rolled back to 142.70. Now, if the pair consolidates below 142.70, the price will try to test 141.23 and attempt to reach 140.35.

If the price manages to rise above 143.90, it could climb to 145.08 or even higher, complicating the structure of the correction from the pair's movement since November 13. This scenario has a good chance, as the signal line of the Marlin oscillator has left its own descending channel and moved upward. Today's movement may depend on the US Q3 GDP data.

On the 4-hour chart, the price has overcome the support of the MACD line but has not yet sold the linear level of 142.70. Also, the Marlin oscillator is close to going below the zero line but has not done so yet. The market is waiting for the release of US data.