Forecast for USD/JPY on July 17, 2020

USD/JPY

We wrote in the last review: "The yen attacked the MACD line from top to bottom yesterday in the exact pattern of July 10 (Friday). Accordingly, history can repeat itself with growth on the model of July 13 (Monday)." The price chose this scenario. Now the growing sentiment increased. The price intends to reach the first bullish target level of 107.77. The Marlin oscillator also intends to enter the growth territory.

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The price stopped at the MACD line on the four-hour chart. Marlin in the growth zone. Overcoming yesterday's low is a signal that shows the price's intention to continue growing to 107.77. To continue the decline, the price must now overcome not only the MACD line on the daily scale (106.94), but also the July 15 low of 106.68. Thus, the yen has created a wide range of uncertainty and free movement.

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