Forecast for USD/JPY on August 11, 2020

USD/JPY

The dollar slightly rose against the yen on Monday, but now the price is already attacking yesterday's high during the Asian session. The Marlin oscillator is attacking the border of the positive trend territory, now the market is aiming for 106.80 - the price channel line of the higher timeframe. Achieving this goal will automatically lead to overcoming the MACD line. Consolidating the price above it opens the possibility of growth towards the targets of 107.00, 107.35, 107.90. We expect a deep correction from the 107.90 target, possibly back to 107.00.

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The price is above the indicator lines on a four-hour timescale, and Marlin is settling into bull territory. We are waiting for the price in the target range of 106.60/80.

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In case of unforeseen circumstances, the price will be supported by the MACD line at 105.30 and the daily price channel line at 105.50.

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