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Expert In



Forecast for USD/JPY on June 24, 2021


The dollar gained 30 points against the yen on Wednesday, and the 110.98 level was reached, which is the March high. Price divergence begins to form with the Marlin oscillator on the daily chart.


The 111.39 target (20 May 2018 high and 21 October 2018 low) may not be met. The daily divergence looks weak, so the price may continue to rise, and then the emerging divergence will acquire a different pattern. Let's clarify the situation on a smaller scale.


A divergence is also forming on H4, but it has not yet been formed, therefore, the divergence may be re-formed here either into another reversal pattern, or the growth will continue without reversal signals. A confirmation of the reversal will be when the price settles below the MACD line, below 110.50. This level coincides with strong support for the price channel line and MACD line on the daily scale. Thus, the price has a lot of work to turn the situation into a downward movement. For this, the yen needs a massive fall in stock markets. And such a fall is possible - yesterday the S&P 500 fell by -0.11%, the Dow Jones by -0.21% - the stock market does not dare to overcome the record high. In such a tense and difficult situation, it is recommended to take a wait-and-see attitude.

The material has been provided by InstaForex Company -