Forecast for USD/JPY on July 9, 2020

USD/JPY

The volatile nature of the stock market pushed the USD/JPY pair by 25 points on Wednesday. The price is back under the balance indicator line on the daily chart. The US market still closed in the same territory; S&P 500 0.78%, Russell 2000 0.41%, this growth is supported today on Asian markets: Nikkei 225 0.32%, Kospi SEU 0.61%. The dollar has every chance to continue strengthening, and the price will once again attack the resistance of 107.77. Overcoming the level will open the second goal of 108.38.

analytics5f068b384806e.jpg

It is much more difficult to develop a downward movement for the price – the support for the embedded price channel line at 107.02 is at the bottom, and the support for the MACD line is just below it.

analytics5f068b4b382e9.jpg

The MACD line (indicator blue) kept the price from growing on the four-hour chart, the Marlin oscillator is in the negative zone, the price needs to grow above 107.50 so that the price intention to take 107.77 is confirmed and at the same time technical support.

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