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07.07.202105:23 Forex Analysis & Reviews: Forecast for USD/JPY on July 7, 2021

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USD/JPY

The USD/JPY pair decided to continue to decline. Yesterday, under pressure from stock markets (S&P 500 -0.20%, Dow Jones -0.60%, Euro Stoxx 50 -0.85%), the dollar lost 34 points against the yen, breaking the support of the MSCD line on the daily chart, this morning, it continued to fall and the support of the embedded line of the growing price channel (110.53) has been overcome. The signal line of the Marlin oscillator left its own channel by moving to the downside and has entered the area of the downward trend. The pair is now aiming for 109.80, the 13 May high.

The price is trying to settle below the level of 110.53 on the four-hour chart. But this happens when it is located below both indicator lines and when the Marlin oscillator develops in the negative zone - in the area where bears dominate. The price is most likely to settle below this level and continue to decline.

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