FX.co ★ Forecast for USD/JPY on January 12, 2024

USD/JPY

Yesterday, the yen reached a very strong resistance - the area where the target level of 146.24 intersects with the MACD indicator line and the Fibonacci 50.0% level. At the same time, the Marlin oscillator turned downwards.

There is a high probability that the bullish correction has ended. The price is testing support at 144.95, and a consolidation below it would pave the way for the price to reach the target at 143.90, followed by 142.50.

On the 4-hour chart, the price has formed a divergence with the Marlin oscillator.

The price is supported by the 144.95 level and the balance indicator line. We are waiting for a breakthrough of these supports. If it succeeds, the price could test the MACD line around the 144.23 level, and a consolidation below it would mark the start of a decline in the medium-term.