Forecast for USD/JPY on July 1, 2020

USD/JPY

The dollar grew by 34 points against the yen on Tuesday, this morning the price grew by 25 points in the moment, the pair reached its first bullish target at 108.10 and sharply turned down. If this is a real reversal, then we can see the price on the support line of the price channel in the region of 105.78. The first sign of such a downward movement will be price taking at 107.77, after which it will become possible to decline to the first target of 107.10 - to the nearest line of the price channel of the monthly timeframe.

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The signal line of the Marlin oscillator is still in the positive area on the four-hour chart, which, of course, does not create a reliable condition for pulling down the price, respectively, for opening the short position early on. It is advisable to wait for the price to go below yesterday's low of 107.53. In this case, the price could fall to the MACD line at 107.00, which is close to the target on the daily chart of 107.10. Price taking below 107.10 opens the way to 105.78.

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