FX.co ★ Forecast for USD/JPY on January 8, 2024

USD/JPY

Last Friday, the USD/JPY pair reversed from the 50.0% retracement level of the entire November 13-December 28 move. Moreover, the pair closed Friday below the level of 144.95 and below the 38.2% Fibonacci level.

This morning, the price is decreasing, attempting to break below the support level of 143.90. If it settles below this level, the target will be 142.50. If it consolidates below that, the main target will be 140.27, which is the December low, coinciding with the embedded line of the global price channel. The Marlin oscillator is showing a downward reversal.

On the 4-hour chart, the signal line of the Marlin oscillator is rapidly trying to enter the downtrend territory. For now, the objective is to settle below the 143.90 support. However, it may be difficult for the price to fall further, as the MACD line will rise above 142.50 and try to keep the price from moving.