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09.02.202304:56 Forex Analysis & Reviews: Forecast for USD/JPY on February 9, 2023

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As you can see on the daily chart, the MACD indicator line is a difficult resistance, and the price is trying to fight it for the fourth day. Even the help of the ascending Marlin oscillator proves ineffective.

If we look at the market, we can all see that the dollar is strengthening, but yesterday, the S&P 500 fell by 1.11%, and if it doesn't rise, then the USD/JPY pair will just move around the 130.00-133.75 range. The range looks wide, but it would be dangerous to trade in it. In the current situation, I expect the price to overcome the MACD line (132.00) and will move to the target at 133.75. But it may not reach the level, as it happened on January 11 (green check mark).

On the four-hour, we have an uptrend - the price is above the indicator lines, the Marlin oscillator in the green zone. If the price goes under the MACD line (130.73), its attempt at climbing to 133.75 may not work out, we can expect the price to fall to 130.00.

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