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18.06.202105:57 Forex Analysis & Reviews: Forecast for USD/JPY on June 18, 2021

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USD/JPY

Yesterday, the USD/JPY pair unexpectedly fell against the background of the general strengthening of the dollar. Perhaps this is due to the fall of the US stock index Dow Jones by 0.62%. In today's Asian session, Chinese indices are down, while the Japanese Nikkei 225 is up 0.31%. There is a possibility that European stock indices will also decline today, so it is high time for the yen to continue the correction.

The price returned to the area below the embedded price channel line and below the MACD indicator line on the daily chart. The Marlin oscillator is declining. The price aims for the 109.80 level, which was already the support on Wednesday and the resistance on May 15.

The Marlin oscillator has moved into the negative zone on the four-hour chart, which confirms the intention to continue the correction. But here, before the target level of 109.80, the MACD line is located in the area of 109.98. This level should also be kept in mind when tracking the development of the current correction.

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