FX.co ★ Forecast for USD/JPY on December 23, 2019

USD/JPY

From the second half of December, consolidation in the Japanese yen has continued over the balance indicator line (red) on the daily chart. According to the oscillator, Marlin continues to form a triple peak as a complex version of divergence. As the price overcomes the support of the MACD line at 109.05, the bulls will finally break down the resistance and the price will go to the nearest target of 108.28 - to support the embedded line of the red price channel.

An alternative scenario involves the pair's growth to the green price channel line to the area of 110.00.

On the four-hour chart on the 19th, the price went down from the emerging triangle, converting it into an inclined consolidation (flag). The price found support on the MACD line. Consolidation below it (109.28) will make it possible to attack the MACD line of the daily scale (109.05). The Marlin oscillator is indicating that the falling trend could be amplified.