Forecast for USD/JPY on August 3, 2020

USD/JPY

The dollar jumped 113 points against the yen last Friday. Trading volumes were high - the highest since June 10. The US stock index S&P 500 rose 0.77% on Friday. Visually, it is preparing to storm the pre-crisis high of 3393. It seems that there is not much time left to wait until the S&P 500 resolves the situation, both in the event of a real growth, and in case of a reversal from the area of current levels to a new four to eight-week fall.

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But the dollar-yen pair is growing, the price has already gone above the embedded line of the price channel, the Marlin oscillator has turned vertically upward. The growth target is the price channel line around the 106.80 mark. Here the price will fight the resistance of the MACD line.

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The price has consolidated above the balance and MACD indicator lines on the four-hour chart. The Marlin Oscillator is growing, and it has formed, albeit unexpressed, a triple convergence. We are waiting for further price growth.

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