USD/JPY Forecast for October 29, 2020

USD / JPY

The strengthening of the yen yesterday was not strong enough against the background of the collapse of the US stock market by 3.53% (S&P500), the pair fell by only 16 points and today in the Asian session has already covered that fall. The signal line of the Marlin Oscillator is going upward, the price is likely going into a correction.

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The room for correction is solid up to the price channel line at 104.86. Fixation above the level will allow the price to develop a new offensive to the Kruzenshtern line at 105.50.

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Based on a four-hour chart, the correction situation looks more definite. First of all, it is the formed convergence of the price with the Marlin oscillator. But in front of the price on the way to 104.86, there is the Kruzenshtern line with the level of 104.77 that cannot be overcome. The price once again creates a situation of uncertainty. When the price will move below yesterday's low of 104.14, it will resume a further decline in the pair towards the target of 103.75.

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