Forecast for USD/JPY pair on Aug 29, 2019

Posted On 29 Aug 2019

USD / JPY pair

The Japanese yen is consolidating for the third day after a sharp rise in prices on Monday. Previously, the price of the nearest resistance is in a downward line of the price channel at 106.33 as a result of the convergence on the Marlin oscillator. Above it, the resistance of the MACD line is at 106.77 on the daily chart.

On a four-hour chart, the price winds up on the MACD line with the signal line of the Marlin oscillator in the trend growth zone. The consolidation range around 105.60-106.33 and overcoming the price of its lower boundary at August 27 low may trigger a fall to the lower line of the price channel to the area of 104.77. We tend to take the upward option as the main one, but as we noted in previous reviews, the growth of the pair will be difficult since there are a lot of technical resistances before the price.

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

Source:: Forecast for USD / JPY pair on August 29, 2019

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