Forecast for USD/JPY on December 24, 2020

USD/JPY

After falling in the period of December 10-17, the yen began to wander freely in the range of 103.10-103.80. Formally, the trend for the pair remains downward, but here, too, speculative sentiments are observed, weakly correlating with external markets. The first growth target is the MACD line at 104.04, the second target is 104.38. For the decline scenario, the target level is the same - 102.35, to which the price will go after breaking support at 103.18.

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The four-hour chart shows that the signal line of the Marlin oscillator has formed a wedge, which is often a harbinger of a price breakout in either direction. In case the price surpasses yesterday's low at 103.37, the price will try to establish itself in the area below 103.18.

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