For Traders

Analytical Reviews

Technical analysis

01.10.202105:18 Forex Analysis & Reviews: Forecast for USD/JPY on October 1, 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

Our doubts and fears about the dollar's growth against the yen were not in vain. Yesterday, the USD / JPY pair lost 68 points with an accompanying collapse in the stock markets by more than one percent (S&P 500 -1.19%). Japan's Nikkei 225 is down 2.08% this morning. Apparently, the correction gravitates to half of the previous growth - coinciding with the trend line of the price channel on the daily scale chart (119.66). Consolidation below this line will deepen the fall to the 76.4% Fibonacci level, to the MACD indicator line.

The price gravitates to the MACD line on the four-hour chart, to the area of the July 14 peak at 110.71. This level almost coincides with the price channel line on the daily chart. Accordingly, the support is strong, breaking it will be the first and sure signal for the formation of a medium-term downward trend, below the level of 109.12.

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.