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17.08.202005:41 Forex Analysis & Reviews: Forecast for USD/JPY on August 17, 2020

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USD/JPY

The USD/JPY pair dropped 32 points on Friday, finding support at the daily MACD line. It was not possible to overcome the resistance at 107.00, but the Marlin oscillator is in the growth zone, so we are waiting for another attempt for the price to increase towards the subsequent target of 107.35.

If the price consolidates below the MACD line, that is, if today's candlestick turns black, it is possible to decline further towards the support of the price channel in the 105.40 area. But this is an alternative scenario.

The price is above the indicator lines on the four-hour chart, but the Marlin oscillator has managed to penetrate the downward trend zone. The price needs to rise above 106.75 in order to correct the situation, then Marlin will return to its positive territory and the price will have support for a new attack at 107.00.

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