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Forecast for USD/JPY on July 19, 2021

USD/JPY

Last Friday, under the influence of the US dollar's growth (0.14%), the USD/JPY pair grew by 23 points. It ended Friday below the balance indicator line, and this morning the price is trying to push through the key support at 109.80 - the point of intersection of the May 12 high with the lower border of the price channel, under which is the 109.20 target (June 8 low).

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Still, the decline in stock indices is taking its toll: last Friday, the S&P 500 fell by 0.75%, and in today's Asian session the Nikkei 225 lost 1.20%, which prevents the yen, as a protective instrument, from falling along with the European currencies.

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The price settled below the balance and MACD indicator lines on the four-hour chart, the Marlin oscillator settled in the bears' territory. We are waiting for the price to settle below the level of 109.80 and move to the target level of 109.20.

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