07.02.2023 04:53 AM
Forecast for USD/JPY on February 7, 2023

Yesterday, the Japanese yen lost 146 points on news about the next Bank of Japan governor as current BOJ Governor Haruhiko Kuroda is set to leave his position on April 8. Deputy Governor Masayoshi Amamiya, a traditional dove on the Board, was reportedly approached to be the next BOJ head.

On the daily chart, the resistance of the MACD indicator line stopped the pair's growth.

This image is no longer relevant

The opening of the week occurred with a gap, and it is still not closed. The Marlin oscillator is turning down, so it is more likely that the price will close the gap and reach the support at 130.00, rather than continue rising to the target at 133.70. All chart lines are embedded lines of the global hyperchannel of the monthly chart with its beginning from September 2012.

Overall, however, the price is trying to reverse the downtrend that reached its lowest point on January 16, so the 137.60 target looks achievable in the medium-term.

This image is no longer relevant

We can see the intention to close the gap on the four-hour chart, but only the reversal of the signal line of the oscillator confirms this intention, which is still not enough for us to make a trading decision. The decline will probably have a complex form (saw-toothed).

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2023
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback