Forecast for USD/JPY on August 21, 2020
The yen slightly strengthened on Thursday, turning around from the resistance of the balance indicator line on the daily chart. Also, the signal line of the Marlin oscillator failed to overcome the resistance of the border of the growth territory at the first attempt and lay down to drift under it with the intention of overcoming it a little later.
The price pullback is supported by the price channel line with the current mark of 105.40. The price may not reach the support level. The target and resistance of the price is the upper embedded line of the price channel at 106.65.
On the four-hour chart, the price turned from the MACD line, failed to overcome it and gained a foothold over it. The Marlin oscillator shows a remarkable pattern – a horizontal trend with an actively declining price, which indicates that such a decline will soon stop and the price will turn up. The MACD line also acts as a resistance to the price around the 106.25 mark. Overcoming it opens the first goal of 106.65.
The material has been provided by InstaForex Company – www.instaforex.com