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19.02.202006:52 Forex Analysis & Reviews: Forecast for USD/JPY on February 19, 2020

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USD/JPY

The Japanese yen has been consolidating under the MACD line on the daily chart for nine trading sessions. Currently, the price is already breaking this line (110.02), opening the nearest target at 110.27 - the line of the growing green price channel. If growth takes place, then there is a very high probability to break through the green channel line and then growth will continue to the target range of 110.83/98.

The Marlin oscillator remained in the rising trend zone on all the days of the observed consolidation. The Japanese stock market is also optimistic - the Nikkei 225 grew by 0.55% today against the US S&P 500 which fell by 0.29% yesterday.

On the four-hour chart, the price received support from the MACD line, while Marlin moved to the growth zone. All conditions are ready for a breakthrough.

The critical level that cancels the ongoing growth is 109.70 - support for the MACD line on H4. Consolidating below the level when the Marlin signal line goes into the zone of negative values on the daily may cause the price to fall to the support of the embedded line of the green price channel, to the 107.93 area. The formation of such a signal will take at least two days.

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