Forecast for USD/JPY on April 23, 2020

USD/JPY

The yen's situation has not changed. The price continues to stay under the balance indicator line on the downward price channel line on the four-hour chart. The signal line of the Marlin oscillator is preserved within the boundaries of its own wedge. But the general situation also kept declining, which does not change our forecast in which the price will fall in the medium-term in order to support the price channel in the area of 102.40.

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The first target of 106.85 is the closest embedded price channel line. The price leaving the MACD line of 108.35 will reverse the upward trend with the prospect of growth to 111.70.

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The price has clearly formed the trading range of 107.30-108.10 on the four-hour chart. The price is above the indicator lines, the Marlin oscillator is also in the growth zone. The signal line of the oscillator is in its own consolidation, in a horizontal trend, the exit of the line from it (as expected - down) will signal that a downward movement will begin to develop. At this moment, the price might be below the lower border of the trading range of 107.30-108.10, then you should wait for the price to go below the MACD line on H4 and overcome the first target of 106.85. On this, the last condition for a move up to 102.40 will be fulfilled.

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