FX.co ★ Forecast for USD / JPY pair on August 9, 2019

USD / JPY pair

The fall of the dollar by more than three figures against the yen in the first week of August was so strong that even yesterday, the pair closed the day with a decrease of 18 points. Only today's optimistic data on Japanese economies were able to slightly reverse the trend. The GDP for the 2nd quarter was 0.4% against the expectation of 0.1% on an annualized basis while the GDP was 1.8% against the forecast of 0.4%. Consumer spending for the quarter increased by an expected of 0.6%. The Japanese stock index Nikkei225 is growing today at 0.54%.

On the daily chart of the yen, the price turned out to be the retained line of the rising price channel. The Marlin oscillator hardly leaves the oversold zone. The immediate goal of growth is the line of the downward price channel at around 106.48.

On the four-hour chart, the marlin signal line has fixed in the growth zone after the formation of upward convergence. We are waiting for the price to move upward. In the case of overcoming the first level of 106.48, the next goal is the MACD line of 106.86 on H4. Furthermore, we expect a more significant growth to the MACD line near 107.60 on a daily chart.