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29.06.202004:42 Forex Analyse & Reviews: Forecast for USD/JPY on June 29, 2020

USD/JPY

The yen fully regained its position in the zone of uncertainty on Friday, which is indicated by a gray rectangle on the chart - after a trading range of 56 points, it closed the day at the opening level. The MACD indicator line provided support. The price rises above the line of the price channel today in the Asian session, but nevertheless, the Marlin oscillator is still in the decreasing trend zone inside the gray zone.

Exchange Rates 29.06.2020 analysis

Friday's reversal also took place from the MACD line on the four-hour chart, this gives strength to the bulls and increases the likelihood of working out the upper limit of the uncertainty range or even going up from it to the 107.77-108.10 range.

Exchange Rates 29.06.2020 analysis

If the price drops below today's low (107.11), another attempt to attack the MACD lines of both scales is possible. Pulling down the price under these supports (106.76) will trigger a decline to the nearest target of 105.80. We are waiting for developments.

*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
© 2007-2021
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