Forecast for USD/JPY on July 8, 2020

USD/JPY

Our comment from yesterday about how it is difficult for the USD/JPY pair to grow due to significant technical resistance was realized as the price re-tested the target level of 107.77 and a quick subsequent pullback from it. But the daily candle remained white and once again the price attacked an unstable level this morning. Success will make it possible for the price to develop an offensive to the next target of 108.38. A sign of this success is the opening of today's session above the balance indicator line. The Marlin oscillator is in the growth zone.

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The price is trying to go above the balance line on the four-hour chart, Marlin is in a growing position.

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An alternative scenario assumes that the price will fall under the MACD line (107.30) followed by an attack of strong support on the daily scale of 107.07. The first sign of price development in this scenario will be its decline to the nearest extreme of 107.51.

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