empty
 
 
17.02.2021 06:00 AM
Forecast for USD/JPY on February 17, 2021

USD/JPY

Yesterday, the USD/JPY pair showed great dynamics, with a growth of 66 points. This is despite the fact that the stock market fell. It was previously noted that this pair is more adjusted with the dollar index than the stock indices. Today, the US dollar is expected to strengthen relative to American retail sales data (January forecast is 1.1%). If so, the price will completely break through the target range of 106.50/65 (September 3 and August 25-26 2020 range). From this range, a correctional pullback is possible. The price can rise further to the range of 107.35/50 based on the main scenario.

This image is no longer relevant

The daily chart hints at an upcoming divergence, that is, the price may be delayed for at least a day before it further rises. However, it is also possible that the divergence will not form. So, we will monitor how the situation will unfold.

This image is no longer relevant

As for the four-hour chart, there are no signs of a reversal. The only thing that is observed is the market's local calmness, as the Marlin left the overbought zone. Once this indicator fairly declines, it will be ready to make another growth.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback