13.12.202405:01 Forex Analysis & Reviews: Forecast for USD/JPY on December 13, 2024

Relevance up to 21:00 2024-12-13 UTC--5

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.

The dollar successfully resists all attempts to push it below key technical levels (150.83, 152.16) in its battle against the yen. This resilience is partly due to the dollar's overall strengthening in the market and the time remaining before the Bank of Japan's monetary policy meeting on December 19.

However, caution is warranted regarding the pair's current growth trajectory. After the price surpasses the intermediate resistance level of 152.16, the first target is 153.60. This level gains additional support from the balance line. At the same time, the Marlin oscillator could reach the boundary of its growth zone as the price approaches this level, potentially reversing from there.

If the price manages to break through 153.60, the next intermediate level at 154.72 (the November 7 peak) comes into play. A reversal could occur from this point, forming a false breakout above 153.60. This move may coincide with the Bank of Japan meeting.

On the H4 chart, the signal line of the Marlin oscillator has turned upward from the lower boundary of its extended consolidation range. Indicator lines also point towards growth, and the price has consolidated above the 152.16 level. The target at 153.60 is now open.

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.