logo

FX.co ★ Forecast for USD/JPY on July 6, 2021

Forecast for USD/JPY on July 6, 2021

USD/JPY

The formed triple price divergence with the Marlin oscillator is visible for the second day on the daily chart. But the movement of the oscillator signal line is so limited that they easily fit into a normal sloping channel. The lower border of this channel coincides with the zero line of the oscillator. From this point, an upward reversal can occur already with the exit of the signal line from the channel upward.

Forecast for USD/JPY on July 6, 2021

See also: InstaForex is one of the leaders in the Forex market, 12 years on the market, more than 7,000,000 active clients

The price is approaching the MACD indicator line at 110.70. In case of synchronization of the reversal with the oscillator, the target level 111.39 can be overcome. The price can also reverse slightly below the MACD line, from the price channel line, from the level of 110.53.

Consolidating below the price channel line (110.53) when the Marlin oscillator goes below its zero line, opens the target at 109.80 (high on May 13).

Forecast for USD/JPY on July 6, 2021

The price is below the MACD line and the balance line on the four-hour chart. Marlin is in a downward trend. The price intends to attack the 110.53/70 range. We are not in a hurry to get ahead of events and follow the development of the situation, because the price exit above the MACD line (111.30) can direct the price to surpass 111.39.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account