Forecast for USD / JPY pair on June 28, 2019

USD / JPY pair

The dollar continues to hold a dominant position against the yen, following the price increase on Wednesday with the consolidation above the indicator lines of balance and MACD on the four-hour chart. Yesterday, the price remained above these supports and as of the moment, the price is testing the MACD line from above.

For continued growth, the price must overcome the top of yesterday at 108.17. At this moment, the marlin oscillator signal line will move to the zone of positive numbers, which will greatly enhance the upward potential of the pair. The immediate goal of 109.02 is the nested line of the price channel of the daily TF. Furthermore, there can be a struggle against the resistance of the MACD line at 109.35 on the daily, which will form a trend of medium-term growth if successful.

Until yesterday's maximum is overcome, a price drop to the trend line of 106.90 is possible and a fixation below it will lead to a further decline to the line of the growing green channel at 105.58. The double convergence on the daily chart may be broken.

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