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Forecast for USD/JPY on April 13, 2020

USD/JPY

The yen almost did not change in price on Friday, in the thin market, having spent the entire day on the support of the balance line (red indicator). The Marlin oscillator entered the negative zone this morning. Now the price is waiting for a strong support zone of 106.90-107.75, formed by the nearby lines of the price channel. When the price reaches its lower limit of 106.90, it is possible to say that the price has come out of uncertainty and is heading towards 102.50 – the price channel line of the higher timeframe.

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The price has consolidated under the balance line and Marlin is in the zone of negative values on the four-hour chart - the short-term trend is decreasing. We are waiting for prices to be introduced in the accumulation range of 106.90-107.75.

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The aggressive trading method makes it possible to open short positions from current levels, stop loss above 108.70 (above the MACD line on daily). With a more cautious strategy, it is recommended to open sales below 106.90.

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