Forecast for USD/JPY on July 21, 2021


Yesterday, the dollar's growth against the yen was suspended by the balance indicator line just above the target level of 109.80. If the price returns below this level, a repeated attack on support at 109.20 will unfold, with the intention to consolidating below it in order to move further to the target level of 108.35.


An alternative scenario with a probability of 40% assumes growth to the level of 110.56, where the MACD indicator line may coincide with the green price channel line.


The price found resistance from the MACD line on the four-hour chart. If the price drops below the level of 109.80, the Marlin Oscillator will move into negative territory and support the decline. Similar short-term false exits of the price above the MACD line are marked on the chart with gray ovals.

The material has been provided by InstaForex Company -