FX.co ★ Forecast for USD/JPY on January 14, 2021

USD/JPY

As we expected yesterday, the price was unable to overcome the strong support of the MACD line, but now it can try to capture the resistance of the trend line at 104.25. Getting the pair to settle above the level opens the 105.50 target. The Marlin oscillator is growing in the green territory, keeping the market interested in buying.

The four-hour chart shows that the price reversed from the support of the MACD line. Being near 103.60 at both the H4 and daily timeframes strengthened support. There is a 65% probability of growth. Marlin's transition into the positive territory will increase this probability to 70%. Nevertheless, the remaining 35% can be used for a decline, in order for the price to surpass support at 103.60. Getting the price to settle under this level opens the 103.00 target. We are waiting for the development of the situation. The main scenario is growth.