FX.co ★ USD/JPY

On the four-hour chart, the quotes of the USD/JPY currency pair today rose to Tuesday's mid-156 figure maximum, but bulls still lack the strength to break through this level and further advance the pair upwards. The 4-hour Stochastic is already at the overbought boundary and is likely to turn downwards soon, leading to another decline in the price of the US dollar against the Japanese yen. At the very least, we can expect a drop to test the 14-period moving average line, which is slightly below the breached Murray 8/8 resistance at 156.25 at the moment. However, I do not anticipate a full-fledged decline anymore, as indicated in my screenshot. I expect a new attempt by the bulls to reach the next Murray level to the north at +1/8 at 157.03. Nevertheless, this situation may drag on in time, as the market is already gearing up for the New Year holidays and soon most players will be away. Therefore, predicting the further behavior of the considered currency pair accurately does not seem possible at the moment.