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FX.co ★ Forecast for USD/JPY on July 30, 2021

Forecast for USD/JPY on July 30, 2021

USD/JPY

Yesterday, amid the weakening of the US dollar, the fall of the Chinese stock market, the USD/JPY pair fell by 43 points, which corresponds to the strengthening of the yen by 0.42%. The current position of the national currency is quite satisfied with the Bank of Japan, since the price is in the long-term sideways range of 107.49-112.22, which took shape in the summer of 2017. Except for a few special cases when the price left this range. The longest episode was in the second half of last year due to a pandemic.

Forecast for USD/JPY on July 30, 2021

In today's Asian session, the Chinese stock market lost more than 1.5%, the Japanese Nikkei 225 -1.65%, the unemployment data in Japan in June showed a decline from 3.0% to 2.9%, and industrial production grew by 6.2 % m/m. The yen has all the conditions for attacking the dollar. The nearest target is 109.20, then the pair may continue to decline to 108.35.

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Forecast for USD/JPY on July 30, 2021

The price is dropping below both indicator lines on the four-hour chart, the Marlin oscillator is converging with the price, but at the same time it has already formed a triangle as a continuation pattern for the current trend. There may be a short sideways movement of the price and the oscillator before the further expected decline.

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