FX.co ★ Forecast for USD/JPY on December 28, 2023

USD/JPY

Following a reversal from the level of 142.70 on Wednesday, USD/JPY tested the target support level of 141.23 this morning. Breaking above it opens the way to 140.35, the level near the intersection point with the embedded line of the global price channel.

A breakdown also reveals a deeper target at 138.46. And since the Marlin oscillator moves sideways, market players should monitor the behavior of the pair near the support level.

On the four-hour chart, the Marlin oscillator already declined, while the price settled below the balance and MACD lines. This points to a further decline in the pair.