Forecast for USD/JPY on September 4, 2020

USD/JPY

The price almost reached the 106.60 target on Thursday, set by the embedded price channel line. We can assume that the goal was reached, if we take into account the errors of linear constructions and the actual price fluctuation. But the task is different - it needs to gain a foothold above this level in order for the price to continue growing.

analytics5f51b5695cc16.jpg

Subsequent yen targets: 107.00, 107.35, 107.90. The price is staying above the red balance indicator line, which means that the market is still interested in growth.

analytics5f51b56c546d7.jpg

The price is above the balance line and the MACD line on the four-hour chart. Yesterday, the Marlin oscillator turned around from the border where the downward trend is located. We are waiting for the price to move up even further.

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