Forecast for USD/JPY on April 8, 2020

USD/JPY

On Tuesday, Japanese Prime Minister Shinzo Abe, in connection with the expansion of the country's coronavirus epidemic, declared a state of emergency in Tokyo and six prefectures. In these regions, residents are put into isolation and most businesses stop. The government also adopted a $993 billion stimulus package. The yen remained in ignorance - stock indices continued to grow, internal stress continued to increase, and the price remained in the uncertainty range of 108.73-109.39.

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Today's session opened under the MACD line and under the balance line of the day's half. The Marlin oscillator has come close to the boundary with the territory of the negative trend. Probably the price decided to return to the consolidation range of 106.96-107.78. The US stock indexes closed in the red zone yesterday, despite all the previous optimism, and the Nikkei 225 shows a slight increase this morning.

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On the four-hour chart, the price went below the lower limit of the uncertainty range of 108.73-109.39. The immediate goal of 107.80 is open, we are waiting for it to be overcome as well as the introduction of prices in the consolidation zone of 106.96-107.78.

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