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Forecast for USD/JPY on July 14, 2020


The USD/JPY pair rebounded in growth on Monday, adding 40 points. But the growth was late (the yen strengthened all week amid horizontal movement of stock indexes), or, more precisely, out of place, as the US stock market ended yesterday by falling: S&P 500 -0.94%, Nasdaq -2.13%, only the Dow Jones was in the black by a symbolic 0.04%. Asian indexes are also falling today: Nikkei 225 -1.05%, China A50 -0.80%, Kospi SEU -0.55%.


The price showed a reversal from the MACD line (blue indicator) on the daily chart, but it was broken through by a deep lower shadow last Friday, which is a sign of the falsity of the subsequent upward movement, that is, growth on Monday. Accordingly, the most likely scenario for further development of events will be for the price to return under the MACD line and its decline to the lower line of the price channel to the level of 105.70. The price needs to go above the nearest target level of 107.77 for further growth – the goals of 108.38 and 108.95 are sequentially opened.


The MACD line stopped yesterday's price growth on the four-hour chart. The price also failed to go over the red balance indicator line, that is, the growth occurred within the speculative framework of a downward trend. A further decline in the price below the signal level of 106.95 will correspond to the price leaving the area under the MACD line on the daily scale. After that, we wait for the price at 105.70.

The material has been provided by InstaForex Company -