Forecast for USD/JPY on Jan 24, 2020

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USD/JPY

The Shanghai Composite Chinese stock index fell 2.75% on Thursday, US indices closed mixed, which caused the USD/JPY pair to fall by 55 points at the moment. The movement was still not very persistent, the price did not begin to overcome the support of the balance line on the daily chart. The Marlin oscillator approached the boundary with the territory of the bears, and can turn up from it. Unless, of course, stock market fears of a pandemic of the Chinese coronavirus subside.

In general, the price is in the uncertain range formed by the support of the indicator line of balance and the resistance of the MACD line (109.82). In this state, staying between these two lines, the price may drop to an intermediate level of 109.00 (a July 10 high and a May 13, 2019 low). Consolidation below it opens the target of 108.50 – the Fibonacci level of 76.4%.

The positive scenario assumes that the Marlin signal line is turning up, the price is moving above the MACD line (109.82) and there is a slight continuation of growth towards the intersection of the lines of rising and falling price channels – 110.14.

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The situation is decreasing in all indicators on the four-hour chart, but Marlin is aggressively turning up. The overall picture for the yen is not defined, the market is waiting for external incentives.

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

Source:: Forecast for USD/JPY on January 24, 2020

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