Forecast for USD/JPY on April 7, 2020

USD/JPY

The USD/JPY pair went over the MACD line and the balance line (red indicator), but the price returned to the support of these indicator lines today in the Asian session, the Marlin oscillator showed an intention to turn down and there was a threat that the price could fall again. The signal level for further decline will be the price moving under the MACD line, below 108.73.

analytics5e8bf85ba4895.jpg

The corrective growth could possibly continue after the price reaches the high of 109.39 yesterday. However, continued growth is limited to the range of 109.73-110.30. The price consolidations of mid-January and February, the March 2019 low and other record levels are in the range of 109.73-110.30.

analytics5e8bf86e84ae2.jpg

The price develops in the range of signal levels 108.73 and 109.39 on the four-hour chart. Overcoming the lower level opens the goal of 107.78, then it is possible to fall to 106.96.

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