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15.07.2020 04:58 AM
Forecast for USD/JPY on July 15, 2020

USD/JPY

The price has not changed much over the past day, which has kept the technical picture almost unchanged, both on the daily and four-hour scale. The Marlin oscillator is located in the negative part of the indicator on the daily chart, which is in the downward trend zone.

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The price is probably gathering strength to overcome the strong support of 106.95 - the MACD line near the embedded line of the price channel. The price's exit above yesterday's high of 107.44 may extend the growth to the target level of 107.77.

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It is noticeable on the four-hour chart that the price did not attack the resistance of the MACD line after testing this line twice. A decrease in the price under the balance line (yesterday's low) will open the gates to the goal of 105.68 – to support the embedded line of the price channel (marked on the daily). The final sign of this scenario will be price taking at 106.95.

Laurie Bailey,
Analytical expert of InstaForex
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