Forecast for USD/JPY on July 23, 2020

USD/JPY

The signal level of 106.68 was an insurmountable obstacle for the Japanese yen on Tuesday and Wednesday. But the MACD line also proved to be an insurmountable resistance on the four-hour chart, for the sixth time already.

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The signal line of the Marlin oscillator tried to go over the zero line yesterday, but it also failed. At the moment, the price is below the MACD line and the balance line (red indicator). According to these signs, the price is directed to attack the price support of 106.68.

Consolidating the price above the MACD line, which is guided by yesterday's high, can reveal an increasing scenario before the price. Its first target will be the 107.77 level.

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The price went over the MACD line and the price channel line on the daily chart, stopping before the balance line. Marlin remained in the negative trend zone, and the overall market mood remains bearish.

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