FX.co ★ Forecast for USD/JPY on January 28, 2021

USD / JPY

The USD / JPY pair finally overcame the first target level on the nested price channel line at 104.18 and now it opens the way to the target set by the subsequent price channel line near the 105.40 mark. The price is trying to disperse the Marlin oscillator, which has taken a steep growth trajectory.

Based on the four-hour scale chart, the price rises above the balance (red indicator) and Kruzenshtern (blue) lines. The Marlin oscillator is growing rapidly. A sharp increase may provoke a short-term price pullback with a retest of the broken support line of the price channel. After such a small pullback of the price, we expect its further growth to the designated goal.