Forecast for USD/JPY on April 9, 2020

USD/JPY

The Japanese yen traded in the range of 60 points on Wednesday, exactly on the indicator lines of balance and MACD on the daily chart. Today, the price is trying to break away from these lines up. The 110.20 target as the consolidation range of mid-January and mid-February on the daily chart. The price could return to the range of price channel lines 106.95-107.78, but only after overcoming yesterday's low (108.52).

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On the four-hour chart, the signal line tested the border with the bears' territory and now either turns up or enters the negative zone with an attempt to divert the price to the 106.95-107.78 range.

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The growth potential is not strong at the moment. Growth is limited by the MACD line at around 109.60, which just corresponds to the lower boundary of the January-February consolidation.

Summary: it is advised to consider selling - overcoming the signal level of 108.52 in the first scenario, or later on from the 109.60-110.30 area, which can happen tomorrow or on Monday.

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