Forecast for USD/JPY on August 2, 2021

USD/JPY

Recently the dollar has slightly recovered against the yen, but this only increased the uncertainty. Consolidating above the target level of 109.80 may extend the growth to the MACD line on the daily timeframe around 110.57, where the embedded price channel line of the higher monthly scale is also located. The price reversal from the resistance reached will make the 109.20 target relevant.

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In general, with such an uneven decline, the price demonstrates its desire to stay longer in the range of 109.20-110.57, and this is the range of uncertainty, where the price is freely wandering.

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The price has settled below the MACD indicator line on the four-hour chart; this line itself coincides with the target level of 109.80. The Marlin Oscillator has left the wedge up, but has not yet entered the zone of positive values. These are also signs of an ambivalent situation. We are waiting for its development.

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

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