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Forecast for USD/JPY on June 17, 2020
USD/JPY
Japanese investors were very disappointed with economic indicators this morning: the trade balance for May reached -0.60 trillion. yen against expectations of -0.16 trillion. The situation is even worse when considering export and import: exports fell to -28.3% y/y, imports to -26.2% y/y. As a result, the Japanese stock index Nikkei 225 is losing 0.92% despite yesterday’s 1.90% increase in the US S&P 500.
The yen is currently struggling with the support of the embedded price channel line on the daily chart. Most likely, the breakthrough will be successful, but the MACD line (107.01) is located slightly below support, overcoming it opens the way to the lower embedded line of the price channel at 105.90.
The price is below the indicator lines of balance and MACD on the four-hour chart. The Marlin oscillator is moving down to the boundary of the negative trend, the signal line will approach just in time for the price attack to the key level 107.01 (June 15 low).
Possible correction is limited by the MACD line on the H4 at a price of 107.80.
The material has been provided by InstaForex Company – www.instaforex.com
