Forecast for USD/JPY on February 15, 2021

USD/JPY

The optimism in the stock markets encourages the USD/JPY pair to further rise with the first target at 105.32. The S&P 500 gained 0.47% last Friday. This morning, the Nikkei 225 jumped 1.20%, S&P/ASX200 added 0.95%. Today is a national holiday in the United States and China.

After overcoming the target level of 105.32, the second and high target of 106.50/65 opens before the dollar. To move back to 104.00, the price must overcome the consolidation on the 9-11th in the area of 104.62.

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The price faced a difficult resistance from the MACD line on the four-hour chart. If Europe picks up the growth in stock markets, then the MACD line can be overcome today. If not, the transaction will be postponed for one more day.

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

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