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10.08.202005:39 Forex Analysis & Reviews: Forecast for USD/JPY on August 10, 2020

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USD/JPY

USD/JPY was optimistic about US employment data and gained 38 points last Friday. The reversal occurred from the support of the embedded price channel line on the daily chart, which the price pierced with lower shadows in the previous two days. As we said earlier, the main trend for the pair is ascending from July 31. We are waiting for the price in the 106.60/80 range, formed on the daily scale by the MACD line and the upper line of the price channel.

But the upward trend is still not fixed from a technical standpoint; the Marlin oscillator did not leave the zone of negative values, the price is not above the MACD indicator trend line, therefore, if the price consolidates under the support of 105.50, a further decline to the local and temporary line of the price channel at 104.45 is likely.

The price is higher than the balance and MACD indicator lines on the four-hour chart, but Marlin is stuck at the border separating the growth trend zone from the decline trend zone. The signal for growth is the price breaking the Friday high of 106.06.

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