Forecast for USD/JPY on April 22, 2020

USD/JPY

External pressure on the USD/JPY pair from the stock market is increasing, which we mentioned in yesterday's review. The US stock index S&P 500 fell by 3.07% on Tuesday, while the Japanese Nikkei 225 is losing 1.67% today. Despite this, the price grew by 19 points, staying within the consolidation range of 107.18-108.10.

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The price is still below the balance line on the daily chart, the signal line of the Marlin oscillator is trapped in a downward wedge, we are waiting for the price to break down. After practicing the first target level of 106.85 (which in fact is not so much a goal as a signal level of medium-term movement), the main goal of 102.40 opens.

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The price is above the indicator lines on the four-hour chart. The downward movement will develop only after the price returns below 107.18, which coincides with the April 16 low. We look forward to further developments.

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