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Forecast for USD/JPY on March 9, 2020

USD/JPY

Japan's fourth quarter GDP figures came out this morning. The Japanese economy lost 1.8% during this period, which, after a negative indicator in the third quarter (at -1.6%) means that the Japanese economy is entering a recession. On an annualized basis, GDP fell from -6.3% y/y to -7.1% y/y. Japanese stock index Nikkei 225 hit 6.00% in the morning. The USD/JPY pair fell by 360 points today.

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Further price cuts look no less dramatic. Its goal is to support the embedded line of the price channel in the region of 96.83, as can be seen on the chart of the weekly scale.

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The Marlin oscillator is in deep oversold on the daily chart. In this case, either a price correction or to continue the price fall with the growth of the oscillator, that is, in fact, computer indicators are disabled from extreme market volatility.

But the price has reached a powerful support level of 101.58. This is the peak of April 2009, the pivot point of the pair's 35-month decline in the period 2001-2004, the reversal after the 46-figure fall in 1998-1999, the peak of January 1995. To a greater extent, we expect a correction from this level and the closing of the gap, after which the dollar will again fall against the yen.

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On the H4 chart, the Marlin oscillator is still slightly moving up, which shows that the market is in thought.

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