Forecast for USD/JPY on July 22, 2020

analytics5f17b1a68e129.jpg

USD/JPY

The Japanese yen strengthened by 45 points on Tuesday – investors began to buy it on fears of a new wave of falling stock markets. Stock indexes feel overheated despite seemingly optimistic news from around the world, such as the agreement within the EU on a mutual aid pact, good growth in construction in China, positive tests of coronavirus vaccines. The US stock market closed mixed yesterday: S&P 500 0.17%, Nasdaq -0.81%. Perhaps, investors may prefer to take profits before the US administration meets regarding a new aid package worth 1 trillion dollars.

The price went under the MACD line on the daily chart, the Marlin oscillator is declining in the negative zone. We are waiting for the price at the previously defined goal of 105.63 – on the price channel line.

analytics5f17b1b8e1c65.jpg

The four-hour chart shows that the price only turned down from the resistance of the MACD line on the fifth attempt. Yesterday, the price was exactly marked at the signal level of 106.68 and now it has to overcome it for further movement to the goal of 105.63. The Marlin Oscillator is in the negative trend zone, which is also a sign that the price will continue to decline.

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

Source:: Forecast for USD/JPY on July 22, 2020

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*