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07.12.2023 06:25 AM
Forecast for USD/JPY on December 7, 2023

USD/JPY

The USD/JPY pair appears stable within a descending price channel. The price is clearly aiming for 145.08 (the June 30 high), with a desire to settle below it. Once it reaches this level, the next target will be 143.90 (the peak of August 3) and then 142.70.

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We can confirm the price's intention to fall if it breaches the nearest support at 146.24. To disrupt such a plan, the price would need to rise above yesterday's high at 147.51 – with an attempt to climb towards 148.35.

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On the 4-hour chart, the price moved downward after a brief struggle with the resistance of the balance and MACD indicator lines. The signal line of the Marlin oscillator has entered the downtrend territory. We are waiting for progress on a new downward wave.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2025
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