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02.07.202005:04 Forex Analysis & Reviews: Forecast for USD/JPY on July 2, 2020

USD/JPY

The dollar lost 43 points against the yen on Wednesday, gaining a foothold at a signal level of 107.53. The 107.00/10 target opened as a range of supports on two-scale charts - the daily and four-hour: this is support for the embedded price channel line at 107.10 on the daily, and support for the MACD line at 107.00 on the four-hour.

Exchange Rates 02.07.2020 analysis

The price fell below the balance line on the daily chart - the price balance shifted lower, the price is above both indicator lines on the four-hour chart, but the Marlin oscillator is in the negative zone. However, the price is trying to go above the signal level of 107.53. This situation could be resolved with the release of data on employment in the United States, but the ambiguity of indicators can further confuse this situation. Investors will have to unravel it as early as next week, since tomorrow it is a public holiday tomorrow in the United States. Growth Potential - Target at 108.35.

Exchange Rates 02.07.2020 analysis

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

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
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