Forecast for USD/JPY on Feb 3, 2020

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USD/JPY

The situation in the stock market is deteriorating every day. Concerns are circulating that market peaks on January 22 (3337 by S&P 500) and January 17 (29373 by Dow Jones) will not be overcome this year. The Dow Jones collapsed by 2.09% on Friday, while the Nikkei 225 lost 1.12% today in the Asian session.

On the daily chart, the price is falling under the lines of balance (indicator red) and MACD (indicator blue), the Marlin oscillator is falling in the zone of negative values. The price surpassed the target level of 108.50 (the September 18, 2019 high), thereby opening the new target of 107.87 – the area of intersection of two lines of price channels – a red one going down and a green one growing.

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The price is below the indicator lines on a four-hour chart, Marlin is developing in the territory of the bears. We are waiting for the price to fall further.

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

Source:: Forecast for USD/JPY on February 3, 2020

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