Forecast for USD/JPY on September 14, 2020

USD/JPY

The situation on the US stock market is beginning to improve. Friday's close was already mixed: Nasdaq -0.60%, S&P 500 0.05%, Dow Jones 0.48%. This situation makes it possible for the yen's rate to stay in a narrow consolidation for the third day. The price is located between the balance and MACD indicator lines on the daily chart, while the Marlin oscillator is in the growth area. We are waiting for the price to go over the MACD line and reach the first bullish target of 106.52 - a test of the embedded line of the price channel of the monthly timeframe.

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The price is above the MACD line on the four-hour chart, and it is settling above this line, which is a positive sign for growth. But the price is below the balance indicator lines (red) while the Marlin oscillator is moving to the right, still in the negative trend zone, this makes it possible to break through the support of the MACD line (106.00), and if the price falls below the September 9 low (105.80), then the price could go to the area where two trend lines intersect (105.18).

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Waiting for developments.

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