Forecast for USD/JPY on December 17, 2021

The yen has gotten into a big mess due to the recent meetings of the Federal Reserve and the European Central Bank. As a result, the USD/JPY pair returned to the December 7-9 range, but with the only difference that now it is below the MACD line, and not higher, as it was. Equity markets are experiencing problems with recovery, so the scenario with the pair's decline - first below the 113.22 price channel line, and then to the lower line of the 110.80 price channel looks like the main scenario. To restore growth, the price must overcome Wednesday's high (114.28), and it does not show such an intention.

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On the four-hour chart, the price is above the balance and MACD indicator lines, the Marlin Oscillator is trying to develop a downward movement, but the bears' success can only be said after the price moves below the MACD line, below 113.36, and this is only at the first stage. Next, the main stage should take place - a decrease under the price channel line (113.22).

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The material has been provided by InstaForex Company - www.instaforex.com

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