Forecast for USD/JPY on Feb 21, 2020

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USD/JPY

The yen has soared (actually falling against the dollar) by 220 points over the past two weeks, showing the highest daily dynamics over the past two years. After leaving the MACD line on the daily chart, the price resolutely overcame a number of Fibonacci levels, not staying at 138.2%, stopping last night and this morning at 161.8% (111.93).

Here, the price may linger a little longer, after which, according to the main scenario, it will continue to grow to the Fibonacci level of 200.0% at the price of 112.93.

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The Marlin oscillator is falling on the H4 chart, but in the current situation this can only mean that the price can really stay at the level reached before further growth.

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

Source:: Forecast for USD/JPY on February 21, 2020

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