Forecast for USD/JPY on December 11, 2020

USD/JPY

On Thursday, the USD/JPY pair reached strong resistance near the intersection of the MACD indicator line with the price channel line and also turned downwards with force. In the Asian session today, the drop is 30 points, which is facilitated by the weakening on stock markets; yesterday, the S&P 500 fell by 0.13%, this morning the Nikkei 225 lost 0.54%, while the Shanghai Composite is down by 0.16%.

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Thanks to yesterday's rapid growth and the same fast price pullback of the Marlin Oscillator, the wedge-shaped formation has not been broken, only slightly modified, and now its signal line comes out of the wedge downward, increasing the price drop. The target of this fall is 103.18. Further decline to 102.35 is possible.

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The price on the four-hour chart went under the MACD indicator line and is already preparing to overcome the signal level of 103.97, under which opens the first target of 103.18.

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