Forecast for USD/JPY on July 30, 2020

USD/JPY

The Japanese yen traded below the 105.15 level on Wednesday, but the second target at 104.60 was not reached. The signal line of the Marlin oscillator is turning up, the correction may continue with an attack on the descending line of the price channel, that is, above the 105.60 level.

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The double convergence is not strong on the four-hour chart, but it is fully working out, the signal line of the Marlin oscillator is about to penetrate into the positive trend zone. Consolidating the price above the 105.15 level could lead to a retest of the 105.70 level. Stock markets are complacent about the second wave of coronavirus; yesterday, the US S&P 500 rose by 1.24%, today the Japanese Nikkei 225 is growing by 0.20%. Accordingly, the dollar can somewhat restore the lost positions.

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