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Forecast for USD/JPY on August 13, 2021

USD/JPY

Yesterday, the dollar continued to consolidate against the yen under the trend line of the price channel and above the MACD indicator line. Now, in order to grow further, the price needs to settle above yesterday's high at 110.55, which will automatically mean an exit above the resistance of the price channel line. The target for growth will be 111.39 - the high of May 2018.

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The signal line of the Marlin Oscillator does not go down, it moves horizontally, which supports the growing scenario as the main one.

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Marlin is declining, and in a downward trend zone on the four-hour chart. To reveal the downward scenario, the price must overcome the support of the MACD line (110.15), then the first target will be the 109.80 level (strong level of August 2018, March 2019, May 2020, etc.), then a deepening of the downward movement towards the second target of 109.20 is possible.

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