Forecast for USD/JPY on June 15, 2020


The dollar slightly strengthened against the yen last Friday thanks to the growth of stock indices - S&P 500 added 1.31%. The price went above the balance and MACD indicator lines on the daily chart, and also above the inner line of the price channel.


Corrective price growth may continue to the control level of 108.08, which is the peak of the secondary ten-day period of April and May 19. To continue pulling down the price, it is necessary to gain a foothold under the MACD line (107.09), which coincides with the low of May 29. In this case, the decline will continue to the lower line of the price channel at 105.90.


On the four-hour chart, the price is still above the control level of the daily chart 107.09, the signal line of the Marlin oscillator is above zero - in the growing trend zone. The growth target of 108.08 is the MACD line, which coincides with the control level of the daily timeframe. But this level may not be reached, therefore, we recommend that you wait until either consolidation above it, and only then make a decision on purchases, or consolidate under it, in order to consider further sales.

The material has been provided by InstaForex Company -