FX.co ★ Forecast for USD/JPY on February 9, 2024

USD/JPY

Yesterday, the price reached the embedded line of the global ascending hyper channel at the level of 149.45 on the weekly chart.

If the price manages to consolidate above the level on lower time frames, there is a possibility that it could rise towards the next line at 151.35. The Marlin oscillator has moved into the bullish territory on the weekly time frame. There is a chance.

On the daily chart, there is a divergence between the price and the oscillator. This affects the bulls' optimism. The consolidation should be above 149.45, above the level of 149.72, i.e., above the peaks of November 22-27. Consolidation below 148.82 will initiate a new attack on the support at 145.99.

A divergence has also formed on the 4-hour chart. It seems that the market is waiting for additional external factors to decide whether it will buy or sell. The most influential factor may be the US inflation data on February 13th.