Forecast for USD/JPY on December 7, 2020

USD/JPY

Last Friday, the US dollar against the Japanese yen slightly recovered losses upon a strong fall on Thursday. This morning, the Marlin oscillator on the daily chart gives a hint about the completion of this correction by turning down from the border with the growth territory (arrow). With the highest probability, the price will continue to decline to the previously defined target of 103.18 (November 6 low).

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The four-hour chart shows that the price growth was stopped by the balance and MACD indicator lines. The Marlin oscillator remained in the negative zone. We are anticipating the strengthening of the reversal and further decline of the pair.

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