For Traders

Analytical Reviews

Technical analysis

12.04.202105:43 Forex Analysis & Reviews: Forecast for USD/JPY on April 12, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY

Last Friday, the USD/JPY pair did not begin to settle below the technically important level of 109.37, turning to the attack of the embedded line of the green price channel. Overcoming the green line (110.37) opens targets like 111.39 and 112.16 (high in March 2019). The bulls' task is complicated by the Marlin oscillator, which is still in the downward trend zone. It needs to get out of the negative area. This may take more than half a day.

The price did not even try to overcome the MACD line on the four-hour chart last Friday, although the Marlin oscillator was already in positive territory. At the moment, the price is going down from the consolidation range, which is marked with a gray area. To open long positions you should wait for the price to return to the consolidation range and for the quote to leave the area above the resistance of the MACD line around 109.97.

A return to the downward sentiment will take place after the price settles below the 109.37 level. In this case, the target will be 108.40, which is approaching the MACD line on the daily scale chart.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.