15.07.202405:18 Forex Analysis & Reviews: Forecast for USD/JPY on July 15, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY

Late last week, the Bank of Japan data suggested Japan may have spent up to 3.57 trillion yen in its most recent intervention in the foreign exchange market. On Friday, the price settled below the Kijun-sen indicator line on the day chart. The Marlin oscillator has consolidated in the downtrend territory.

The dollar could reach 155.75, but the price is still above the balance line (the red moving average line). A drop below this mark will bring back a stable decline, but for now, the market needs to cool down a bit and consolidate at the current levels.

The price and the oscillator have formed a convergence on the 4-hour chart. This is likely the technical reason for today's consolidation, especially since it is a national holiday in Japan. If the price breaks Friday's low of 157.39, it will fuel the bears to further move towards the target level of 155.75.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.