Forecast for USD/JPY on December 9, 2020

USD/JPY

The Japanese yen is trading in Monday's range for the second day. As it anticipates the process of ending the Brexit talks and how the stock market is cautious. The daily chart shows that the signal line of the oscillator is in the formed triangle, leaving it and moving to the downside will accelerate the fall of the oscillator and the currency pair itself.

analytics5fd037854f13d.jpg

The bears will initially aim for the November 6 low (103.18). It is possible that it could fall towards the second target of 102.35.

In the alternative scenario - growth, the target is the point of intersection between the MACD line and the price channel line at 104.53.

analytics5fd037926a9f6.jpg

The four-hour chart shows that the price has managed to go beyond the MACD indicator line and Marlin has entered the growth zone. But this moment did not stay for long. It can turn out to be false or informative, since it happened almost in a horizontal trend, in a range. We are waiting for the price to fall.

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