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Forex Analysis & Reviews: Forecast for USD/JPY on August 9, 2022
time 09.08.2022 05:06 AM
time Relevance up to, 10.08.2022 04:28 AM

The USD/JPY pair formed a candle with a small body (-6 points) and sweeping shadows on Monday, which creates a sign of a reversal of the growing trend, that is, a sign of the end of the corrective growth from August 2. The reversal will be confirmed by the price dropping below the nearest support of the embedded price channel line at 134.22. The target will open on the underlying embedded line at 132.13.

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The Marlin Oscillator is turning down, being in the downward trend zone. An alternative scenario assumes the price's succeeding growth with the 136.00 target. But a sign of such an alternative will be when the price overcomes yesterday's high at 135.57, which is close enough to the target itself, so in the current situation, the best strategy will be to wait for a sell signal, whether it will happen today or in a few days.

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The price is approaching the support at 134.22 supported by the rapidly declining Marlin Oscillator on the 4-hour chart. The advance of the oscillator in the current situation means that it tends to move into the negative area before the price approaches the MACD line, since the price will already need technical assistance to overcome this support by that time. Ultimately, we are waiting for the price at the nearest target level of 132.13.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2023
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