Forecast for USD / JPY pair on July 26, 2019

USD / JPY pair

Yesterday, the Yen took an intensified breakthrough, reaching the first target of 108.70 after more than 50 points growth. On the daily chart, the resistance of the MACD line was not overcome. The price adjusts slightly in today's Asian session. Reversal signs on the daily are not observed.

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On the four-hour chart, the Marlin oscillator signal line turns down. Taking into account the strong resistance on a daily scale, the dollar may decline based on the US GDP data for the 2nd quarter, which is to be released today. The forecast of which is 1.8% versus 3.1% in the 1st quarter. The price reduction does not appear to be lower than the support of the MACD line at 108.15. Continued growth is likely after fixing above yesterday's high of 108.76. In this case, the target is the resistance of the nested line of the price channel at 109.68.

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