FX.co ★ Forecast for USD/JPY on June 23,2020

USD/JPY

The Japanese yen is consolidating strictly below the MACD line on the daily chart for the fourth day. The Marlin oscillator is also stable in the negative trend zone. These are signs of a forthcoming breakdown in prices, even despite the upward surge in prices that occurred today in the Asian session. Resistance to growth is the embedded line of the price channel. Nevertheless, consolidating the price above this line (107.20) will mean a really resolute intention of the dollar to continue strengthening. The growth target is 107.77. Next at 108.10.

When the price returns under the MACD line (106.89 - the opening of the day), this will mean the falsity of the observed growth and, consequently, the subsequent breakthrough to the level of 105.85. Next, the target is 105.40.

The level of 107.20 coincides with the MACD line on the four-hour chart, which creates the risk of a price reversal down. Consolidation above the resistance component will give optimism to the bulls.