Forecast for USD/JPY on Feb 17, 2020 – Forex Alchemy

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USD/JPY

On Thursday and Friday last week, the price failed to gain a foothold over the important level of 110.00, which is formed by the point of intersection of the MACD line and the line of the price channel on the daily chart. The signal line of the Marlin oscillator remains in the growing trend zone, which still retains hope for the pair to grow. The task of USD/JPY, as before, is to consolidate above 110.00. In this case, growth is possible to 110.26, and after overcoming this level it will be possible to consider further growth in the range of 110.83/98.

On the four-hour chart, the hope for growth is maintained by price development above the MACD indicator line (blue moving), consolidating the price below it, that is under 109.57, will inspire the bears, their goal is big – 107.93 – support the trend line of the green price channel. The Marlin oscillator is already in the negative zone. Within two days, the yen will finally decide on the choice of direction.

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The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for USD/JPY on February 17, 2020

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