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12.03.202006:27 Forex Analysis & Reviews: Forecast for USD/JPY on March 12, 2020

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USD/JPY

Optimism in the stock market continued for one day – on Tuesday. On Wednesday, the US S&P 500 fell 4.89%, setting a new low since the crisis began on February 20. During these days, the quote has decreased to the levels of the first decade of February last year. Today, in the Asian session, the Chinese index China A50 loses 1.50%, the Japanese Nikkei225 falls by 5.17%. The USD/JPY pair can only decline under such powerful pressure from the adjacent market.

On the daily scale chart, the price approached the embedded line of the price channel in the area of 102.95. Overcoming the support opens the target on the lower line of the price channel at the level of 100.88.

On a four-hour chart, the price is held by the balance line and decreases below it. The Marlin oscillator has entered the downward trend zone. We are waiting for the pair to decline further.

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