Forecast for USD/JPY on December 8, 2020

USD/JPY

As a result of yesterday, the Japanese yen strengthened by 11 points following the weakening of the US stock market - the S&P 500 fell by 0.19%. The price goes down under both indicator lines - under the red balance line and the blue MACD line - market sentiment to sell.

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The signal line of the Marlin oscillator is reversed from the border of the growth area, the line itself has formed a triangle, leaving it will accelerate the fall of the oscillator and the currency pair itself. The bears will initially aim for the November 6 low (103.18). Falling towards the second target of 102.35 is also possible.

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The price briefly went above the balance line and the MACD line on the four-hour scale yesterday, which showed a false upward movement. Accordingly, the downward movement will be more significant. The Marlin oscillator is in the negative area, although it is currently driven by the price (Marlin is a leading indicator).

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