Forecast for USD/JPY on August 7, 2020

USD/JPY

The Japanese yen laid down on the support of the embedded price channel line on the daily chart for the third day. The signal line of the Marlin oscillator is slowly turning up. The general upward trend for the last day has not been broken, we expect the price to rise to the upper embedded line of the price channel to the 106.78 area.

analytics5f2cd36c6c22b.jpg

There is also increasing market interest on the four-hour chart. The price is above both indicator lines of balance (red) and MACD (blue). The Marlin oscillator is in the negative zone, but has stopped declining, the line is moving horizontally. If the price rises, the oscillator will quickly move to the territory of positive values.

analytics5f2cd37ec6b4a.jpg

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