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Forecast for USD/JPY on March 2, 2020

USD/JPY

The dollar relative to the yen quickly fulfilled the target level of 108.00, determined by the point of intersection of the lines of rising and falling price channels. Fast speed made it possible for the price to pierce the support with testing the Fibonacci reaction level of 200.0%. Today in the Asian session, the price once again tested the level of 200.0% and began to go above the line of price channels. APR stock indices are rising today despite the failed Chinese PMI for January, released on Saturday; the business activity index (PMI) in the manufacturing sector slumped from 50.0 to 35.7 points, the PMI of the services sector collapsed from 54.1 to 29.6. The Chinese Shanghai Composite is growing at 2.20%, the Japanese Nikkei225 is adding 1.08%.

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The first goal of correctional growth is the Fibonacci level of 161.8% at the price of 108.46. The second target is 109.00 at the level of 138.2%. Furthermore, most likely, there will be a reversal in a downward movement, since we only get the first crisis data for China. On Saturday, March 9, China's trade balance for January will be released - a forecast of $ 12.7 billion compared to 47.2 billion in December.

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On a time scale of H4, the Marlin Oscillator returns from the oversold zone. With the restoration of the indicator, it will be again ready for the likely expected decline.

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