FX.co ★ Forecast for USD/JPY on January 10, 2024

USD/JPY

The USD/JPY pair has decided to extend its correction from the December 28th low. Currently, the price is breaking through the Fibonacci level of 38.2% and the resistance level of 144.95. If the price continues to move above this level, the next target will be 146.24.

If the price manages to establish support above this level, it could extend the upward move to the 61.8% Fibonacci retracement level at a price of 147.47. The Marlin oscillator is showing positive momentum, hoping for such a favorable scenario. However, if the price falls below 143.90, it would change the situation toward a more bearish scenario.

On the 4-hour chart, the price is trading above the balance and MACD lines, and the Marlin oscillator has crossed above the zero line. This indicates a short-term uptrend in progress.