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09.04.202005:09 Forex Analysis & Reviews: Forecast for USD/JPY on April 9, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY

The Japanese yen traded in the range of 60 points on Wednesday, exactly on the indicator lines of balance and MACD on the daily chart. Today, the price is trying to break away from these lines up. The 110.20 target as the consolidation range of mid-January and mid-February on the daily chart. The price could return to the range of price channel lines 106.95-107.78, but only after overcoming yesterday's low (108.52).

Exchange Rates 09.04.2020 analysis

On the four-hour chart, the signal line tested the border with the bears' territory and now either turns up or enters the negative zone with an attempt to divert the price to the 106.95-107.78 range.

Exchange Rates 09.04.2020 analysis

The growth potential is not strong at the moment. Growth is limited by the MACD line at around 109.60, which just corresponds to the lower boundary of the January-February consolidation.

Summary: it is advised to consider selling - overcoming the signal level of 108.52 in the first scenario, or later on from the 109.60-110.30 area, which can happen tomorrow or on Monday.

Laurie Bailey
Analytical expert of InstaForex
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