Forecast for USD/JPY on March 6, 2020

USD/JPY

The Japanese yen worked out precisely the target range of 105.92-106.13, determined by the Fibonacci levels of 271.0% and 261.8%. The Marlin oscillator on a daily scale has penetrated into the oversold zone. Pessimism reigns in the stock market. The US S&P 500 lost 3.39% yesterday (remaining in the range of Monday), the Japanese Nikkei 225 is losing 3.08% today, updating the September low, the Chinese China A50 is down 1.62%.

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Data on labor in the United States can relieve pressure on the stock market today. The forecast for new jobs outside the agricultural sector is 175 thousand. The growth of the dollar against the yen is possible to the Fibonacci level of 238.2% (106.70). The development of local optimism may extend the growth to the embedded line of the price channel near the Fibonacci level of 223.6% at the price of 107.10. The growth of the pair, of course, will not be a reversal, but corrective, since even the initial signs are not formed for a reversal.

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