Forecast for USD/JPY on December 22, 2020

USD/JPY

The Japanese yen did not escape increased market volatility yesterday. However, the price fluctuations were still smaller than those of European currencies. The upper daily shadow of USD / JPY was 60 pips. The price could not overcome the indicator line of the daily scale balance. A price decline below the level of 103.18 opens the target of 102.35. An alternative scenario assumes an increase to the MACD line in the area of 103.98.

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The price on the four-hour scale was unable to gain a foothold above the MACD line, which indicates the false nature of yesterday's upward movement. Accordingly, the declining mood remains a priority. Fixing the price below 103.18 will also lead to the transition of the Marlin oscillator to the zone of a declining trend. The signal will increase, and the target 102.35 will become tangible.

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