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01.10.202105:18 Forex Analysis & Reviews: Forecast for USD/JPY on October 1, 2021

USD/JPY

Our doubts and fears about the dollar's growth against the yen were not in vain. Yesterday, the USD / JPY pair lost 68 points with an accompanying collapse in the stock markets by more than one percent (S&P 500 -1.19%). Japan's Nikkei 225 is down 2.08% this morning. Apparently, the correction gravitates to half of the previous growth - coinciding with the trend line of the price channel on the daily scale chart (119.66). Consolidation below this line will deepen the fall to the 76.4% Fibonacci level, to the MACD indicator line.

Exchange Rates 01.10.2021 analysis

The price gravitates to the MACD line on the four-hour chart, to the area of the July 14 peak at 110.71. This level almost coincides with the price channel line on the daily chart. Accordingly, the support is strong, breaking it will be the first and sure signal for the formation of a medium-term downward trend, below the level of 109.12.

Exchange Rates 01.10.2021 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 of InstaForex
© 2007-2022
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