Forecast for USD/JPY on September 17, 2020

USD/JPY

The Japanese yen managed to break through the support of the two trend lines on Wednesday, and as a result, the lower line of the price channel (brown rising) was dissolved. At the moment, the price is testing the resistance of the embedded red line of the downward channel from below, after which, it is highly likely for the quote to drop to the 103.75 target, to the level of 76.4%.

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The four-hour chart shows that the price is correcting to the upside with the support of the rising Marlin oscillator. A pronounced growth of the oscillator may mean that the price will stay at current levels, form some consolidation, and then continue to decline.

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