FX.co ★ USD/JPY

Hello traders. Bulls on the USD/JPY pair are trying to break above the 3/8 Murray regression channel (155.47), but so far they are unable to sustain this success and open a four-hour candle above the mentioned level. At the same time, we can see that the stochastic on the four-hour chart is decreasing from the upper boundary of its indicator, indicating an oversold condition of the pair. This could lead to a decline in the US dollar quotes, at least towards the 2/8 Murray reversal level (154.69) with a test of the 14-period moving average line. However, from there, I expect a resumption of the USD/JPY uptrend towards the middle of the Murray regression channel at the 4/8 resistance level (156.35). Subsequently, I believe that bulls will aim to return to mid-January prices, allowing for the completion of the last wave of decline in full.