Forecast for USD/JPY on January 15, 2021
USD / JPY
Yesterday, the Japanese yen showed a range of 62 points and decreased 8 points as the day closed. The amplitude limiters on the daily chart were the Kruzenshtern line (bottom) and the Trend Channel Line (top). The Marlin oscillator remains in the growth zone as the trend remains growing also. We are waiting for the price to work out at the resistance trend line in the area of 104.24, overcome it and rise to the next embedded line of the price channel at 105.50. According to an alternative scenario, fixing the prices below the yesterday’s minimum and the Kruzenshtern line will continue its decline up to the target of 103.00.
Based on the four-hour chart, the price is currently above the Kruzenshtern line. The support at the point of convergence of these lines according to H4 and daily charts is definitely strong. The Marlin oscillator, which is in the zone of a declining trend will fail. Growth is a difficult one. Fixing the price above 104.24 may occur in 4 to 5 days.
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