Forecast for USD/JPY on July 15, 2020

USD/JPY

The price has not changed much over the past day, which has kept the technical picture almost unchanged, both on the daily and four-hour scale. The Marlin oscillator is located in the negative part of the indicator on the daily chart, which is in the downward trend zone.

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The price is probably gathering strength to overcome the strong support of 106.95 - the MACD line near the embedded line of the price channel. The price's exit above yesterday's high of 107.44 may extend the growth to the target level of 107.77.

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It is noticeable on the four-hour chart that the price did not attack the resistance of the MACD line after testing this line twice. A decrease in the price under the balance line (yesterday's low) will open the gates to the goal of 105.68 – to support the embedded line of the price channel (marked on the daily). The final sign of this scenario will be price taking at 106.95.

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