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Forecast for USD/JPY on January 24, 2022

Last Friday, the Japanese yen successfully overcame the support of the balance indicator line on the daily scale chart, and now the 113.26 target has become more tangible. Consolidating under the level, namely under the embedded line of the price channel of the monthly timeframe, will allow the price to develop a movement towards the underlying line of the price channel in the area of 110.88. The signal line of the Marlin Oscillator is going down in the negative area.

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USD/JPY is also in full downward position on the 4-hour chart; the price settled under the balance and MACD indicator lines, the Marlin Oscillator is in the downward trend zone. We are waiting for the price at the designated target of 113.26.

Consolidating above the MACD line (114.37) will be the first condition for the trend to reverse into further growth.

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Trading analysis offered by Complex Trader - a RobotFX partner.
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