Forecast for USD/JPY on October 2, 2020
The Japanese yen cannot go beyond the area above the balance indicator line on the daily chart for the seventh consecutive day, but it is firmly holding on to its target with the support of the Marlin oscillator, which started a barely noticeable growth from the border of the positive trend zone. The price is supported by the Fibonacci level of 110.0%. The targets remain the same: the Fibonacci level of 100.0% with the coinciding MACD line at 106.00, and the embedded price channel line at 106.35.
The Marlin oscillator eased on the four-hour chart, now it is turning to the upside from the zone of negative values. The price overcomes the resistance of the balance line. Going beyond the area above it will mean a shift in the mood mainly towards buy positions. Setting the price under the MACD line (105.25 level) can return the yen to 104.65 – to the Fibonacci level of 123.6%.
The material has been provided by InstaForex Company – www.instaforex.com