Forecast for USD/JPY on July 28, 2020

USD/JPY

The yen has reached the first stage of our declining scenario on Monday - it tested the first target level of 105.15. The Marlin Oscillator is only showing a slight reversal on the daily chart. Overcoming the level opens the second target of 104.60.

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There is a weak convergence with the price on the four-hour Marlin chart, this is a sign of an expected shallow correction, possibly even a sideways movement. In any case, we expect the price to overcome the first level of 105.15 and further decline to 104.60.

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