Forecast for USD/JPY on September 22, 2020


The Japanese yen traded in a wide range of 88 points yesterday, closing the day with a 6 point gain. The limit will be the 123.6% Fibonacci level on the daily chart. The Marlin oscillator is in no hurry to turn upwards, therefore, we expect the decline to move towards the target level of 103.75.


The four-hour chart shows that the price has worked out a triple small convergence according to the Marlin oscillator, its signal line has entered the zone of positive values, and now it is going back to the bears' territory. We expect the pair to fall towards the target level of 103.75.


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