Forecast for USD/JPY on August 24, 2020


Last Friday, the yen traded in a range limited by the embedded price channel line at the bottom and the balance indicator line at the top on the daily chart. The signal line of the Marlin oscillator is trying to move into the growth zone.


The Marlin has already settled in the growth zone on the four-hour chart, the price is struggling with the resistance of the balance indicator line. The exit of the price above the balance line will mean a shift in the market trend of the last 15 days in the direction of purchases. The growth target is a sub-line of the price channel at around 106.65 (daily). The first price resistance on this path will be the MACD line at 106.25.


The material has been provided by InstaForex Company -