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09.09.202006:16 Forex Analysis & Reviews: Forecast for USD/JPY on September 9, 2020

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USD/JPY

There are certain problems with growth in the US stock market. Over the past three days, the S&P 500 fell to the level of August 5th. Yesterday's drop was 2.78%. The USD/JPY pair was down 24 points yesterday, and it has declined by around 20 points over the past three days. The dollar's growth keeps the price from sharply falling. Also, the dollar index has strengthened by 0.78% over the past three days.

The price went under the red balance indicator line on the daily chart. The Marlin Oscillator is still in the zone of positive values, but has already approached the border of the downward trend zone, which increases the risk of falling towards the nearest support in the 105.25 area.

The price has also settled under the balance and MACD indicator lines on the four-hour chart, while the Marlin oscillator is in the downward trend zone. The way down is open, but the uncertainty about the stock market's current situation creates instability for the Japanese yen. A scenario is possible in which growth will replace the decline in the area of the September 1 low - 105.60. Also, the price settling above the MACD line, above 106.08, increases the likelihood of returning to growth towards the previous target of 106.55.

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