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01.04.202005:00 Forex Analysis & Reviews: Forecast for USD/JPY on April 1, 2020

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USD/JPY

The dollar jumped 100 points against the yen on Tuesday, but remained under pressure from technical instruments - the balance line (red indicator) and the MACD line (blue indicator). Today, in the Asian session, the price develops in the range of embedded lines of the price channel of the higher scale 107.02-107.85. Consolidating the price under the lower boundary opens the way to movement to the lower line of the price channel 102.60. This is the preferred scenario, since the signal line of the Marlin oscillator is located in the territory of the downward trend. The conditional alternative allows another attempt to raise prices to the MACD line, to 109.00.

The Marlin indicator is moving up on the four-hour chart, which warns of an alternative. But if growth does not occur, the price will overcome 107.02, sales of the pair with T/P above 102.60 are possible. Yesterday, US stock index S&P 500 fell 1.60%, while the Japanese Nikkei 225 is losing 1.08% today, which puts pressure on the currency pair.

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