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FX.co ★ Forecast for USD/JPY on July 22, 2021

Forecast for USD/JPY on July 22, 2021

USD/JPY

Yesterday, the markets showed a desire to return to risk: S&P 500 0.82%, Euro Stoxx 50 1.78%, the yield on 5-year US government bonds increased from 0.685% to 0.738%. As a result, the USD/JPY pair has grown by 45 points. How long optimism will last in the stock market is a big question, we are inclined to believe that it will not be very long, after which the stock indices will go into a medium-term correction.

Forecast for USD/JPY on July 22, 2021

In any case, there is a strong resistance in front of the USD/JPY pair at 110.65 - the embedded price channel line and the MACD line, only breaking it opens the target at 111.39 - the high on May 2018.

The Marlin Oscillator is still in the negative zone, the bears are in control.

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Forecast for USD/JPY on July 22, 2021

The price is higher than the balance and MACD indicator lines on the four-hour chart, the Marlin oscillator is in the growth zone. The price is in a neutral and comfortable range of 109.80-110.65. In this range, the price can survive today's European Central Bank meeting and the period of development of certainty on stock exchanges. The situation is currently not trading.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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