Forecast for USD/JPY on December 23, 2020


Yesterday, the Japanese yen weakened under the large-scale pressure of the dollar, but the desire of investors to diversify risks hinders its strengthening. Stock markets continue to fall, which is increasingly tipping the yen to strengthen. On the daily scale chart, the Marlin oscillator begins to turn down (in the negative zone), ergo the pair's growth towards the goals of 104.04 and 104.38 is already unlikely. Moving the price below the nearest target level of 103.18 opens the way to the second target of 102.35.

On a four-hour scale chart, the price is supported simultaneously by the balance line and the MACD line. Fixing the price below the indicator lines, below 103.50, creates conditions for an attack on the first target of 103.18.

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