Forecast for USD/JPY on January 16, 2020

By | January 16, 2020
InstaForex
Forecast for USD/JPY on January 16, 2020

Relevance up to 18:00 2020-01-17 UTC–8

USD / JPY

The dollar against the yen suspended growth in front of the strong linear resistance of the price channels – upward (green) and downward (red). The price is supported by the MACD presented in a blue moving line at a price of 109.62. Yesterday the S&P500 grew 0.19%, and today Nikkei225 is adding only 0.08%, if the stock market does not rise in today’s retail sales data then the correction may go deeper into this line. In general, potential growth remains. Overcoming the red price channel line at 110.25 opens the way for the price to the target range 110.83 / 98, to the Fibonacci level of 123.6%.

analytics5e1fcbdd7af6e.png

On the four-hour chart, the growing potential looks strong. The price is above the lines of balance and MACD, the Marlin oscillator is in the decline zone, but can easily go into the growth zone. Weak divergence may already be worked out.

analytics5e1fcbf4c740c.png

The critical level that unfolds the trend is 109.29, which is October 30’s maximum and the MACD line of a four-hour scale is located at the same level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2020

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

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.

InstaForex

Leave a Reply