Forecast for USD/JPY on July 8, 2019

USD/JPY

On Friday, due to strong US employment data, the dollar rose by 65 points against the yen, breaking the resistance of the balance line on a daily scale chart. Balance trends bent in an upward direction. The reversal of the signal line of the Marlin oscillator from the zero line was confirmed. The nearest growth target is in a range of 109.00/25, formed by the embedded line of the price channel and the MACD indicator line (blue). The price output above the specified range opens the following targets for the resistance of the lines of price channels: 109.85, 110.55.

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On the four-hour chart, the price is above both indicator lines, and the Marlin oscillator signal line is also in the growth zone, although it is slightly decreasing. Perhaps this indicates the intention of the market to look around a bit before the events of the new week. A correction to the upper border of the window of last Monday (108.20) is possible. Then the Marlin oscillator signal line will turn up from the boundary with the decline territory, as it happened at the higher TF.

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