Forecast for USD/JPY on July 6, 2020

USD/JPY

The USD/JPY pair gave a clear signal for growth today in the Asian session. After the price consolidated under the balance on the daily scale chart for two days, the price surged when other indicators confirmed the growth.

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This is the exit of the Marlin oscillator into the growing trend zone - above the zero line, and the transition of the horizontal MACD line, which it has been in for the last two days, into a growing trend. The nearest growth target is 108.38. Then to 108.95. A decrease in the price below 107.08 (this is an alternative option) will turn the price into a medium-term decline.

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The price is rising above the red balance indicator line on the four-hour chart – the balance has shifted to a preferential growth, the Marlin oscillator has invaded the territory of the bulls. We are waiting for the USD/JPY pair to grow further.

Indexes are showing healthy growth on the stock market: Nikkei 225 1.45%, China A50 2.42%, Kospi SEU 1.20%, which convey optimism to the USD/JPY pair.

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