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06.08.202005:42 Forex Analysis & Reviews: Forecast for USD/JPY on August 6, 2020

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USD/JPY

The dollar against the yen attacked the support of the embedded price channel line on Wednesday, but was only able to pierce it with the lower shadow (daily). It started Thursday above the trend line, which reinforces the bulls' positions. The Marlin oscillator slightly moving up. We can assume that the correction from the July 31-August 3 growth is completed and now the price will head towards the upper target of 106.80.

The price found strong support from the MACD line on the four-hour chart. Growth is coming from it now. The Marlin oscillator is still in a neutral situation - it is moving along the trend line. As soon as the price goes up by another 10-15 points, the signal line of the oscillator turns up. We are waiting for the pair to grow.

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