07.12.202306:25 Forex Analysis & Reviews: Forecast for USD/JPY on December 7, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY

The USD/JPY pair appears stable within a descending price channel. The price is clearly aiming for 145.08 (the June 30 high), with a desire to settle below it. Once it reaches this level, the next target will be 143.90 (the peak of August 3) and then 142.70.

We can confirm the price's intention to fall if it breaches the nearest support at 146.24. To disrupt such a plan, the price would need to rise above yesterday's high at 147.51 – with an attempt to climb towards 148.35.

On the 4-hour chart, the price moved downward after a brief struggle with the resistance of the balance and MACD indicator lines. The signal line of the Marlin oscillator has entered the downtrend territory. We are waiting for progress on a new downward wave.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.