Forecast for USD/JPY on July 23, 2021


Yesterday's European Central Bank meeting did not leave any impression for the Japanese currency. Stocks closed mixed, with negative dynamics prevailing on Asian markets this morning. The yen can take advantage of this uncertainty in the stock market - the path to the target of 110.65 is open, it can be reached.


In the future, a reversal from this strong resistance to 108.35 through intermediate targets of 109.80 and 109.20 is possible. Pushing the price to settle above 110.65, the probability of which is about 30%, will open the target at 111.39 (high on May 20, 2028).


The price settled above the balance and MACD indicator lines on the four-hour chart, the Marlin oscillator is unfolding as it continues to grow in the positive trend zone. We are waiting for the price to rise to 110.65.

The material has been provided by InstaForex Company -