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07.12.202105:01 Forex Analysis & Reviews: Forecast for USD/JPY on December 7, 2021

With the last bit of strength, the USD/JPY pair fulfilled its dream - it went above the resistance of the price channel line of the higher timeframe and above the MACD indicator line of the daily scale.

Exchange Rates 07.12.2021 analysis

The growth continues in today's Asian session, the Marlin Oscillator is rising, trying to get out of the downward trend zone. Probably, with the price consolidating above the level of 113.85, Marlin will be in the positive area, which makes further growth to the range of 115.80-116.15 unhindered.

Exchange Rates 07.12.2021 analysis

Things are not so smooth on the four-hour chart. The main obstacle to growth is the MACD line, in the area of the 113.85 level. Consolidating above it gives a chance for developing growth. The Marlin Oscillator has consolidated in the positive zone, with more important action remaining. Failure can bring the price back to 112.54, and overcoming this level will reverse the movement to a fall to 110.77 - to the price channel line (daily).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
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