Forecast for USD/JPY on October 6, 2020
Yesterday’s rapid growth in stock indices caused the USD/JPY pair to grow by 43 points. There is not much left for the price to reach the first target level of 105.95, set by the MACD line on the daily chart. The Marlin oscillator has only slightly deepened into the growth zone, so we expect the price to successfully overcome the first target level and expect succeeding growth to the embedded line of the price channel in the 106.35 area. Leaving the area which is above the second target opens the third at 106.96, the high on August 28.
The price is above the balance (red) and MACD (blue) indicator lines on the four-hour chart. Marlin is in the positive zone. The short-term trend is correspondingly increasing.
The material has been provided by InstaForex Company – www.instaforex.com