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24.09.202005:11 Forex Analysis & Reviews: Forecast for USD/JPY on September 24, 2020

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

USD/JPY

The Japanese yen broke through the price channel line and reached the intermediate Fibonacci level of 110.0% on Wednesday. The powerful convergence of the price and the Marlin oscillator continues to work, now the yen is aiming for the Fibonacci level of 106.00, or slightly higher, where the MACD line passes. But the main goal of the USD/JPY pair is the upper line of the price channel (also embedded) around the area of the 106.40 level, since overcoming it will guarantee a medium-term price growth (targets 107.35, 108.20 and higher).

Exchange Rates 24.09.2020 analysis

The four-hour chart shows that the price has firmly settled in the area above the balance and MACD indicator lines. The signal line of the Marlin oscillator falls into the horizon, which may be a harbinger of a local price decline in the 105.00/15 range, formed by support of the MACD line (H4) and the price channel line (daily).

Exchange Rates 24.09.2020 analysis

Laurie Bailey
Analytical expert of InstaForex
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