Forecast for USD/JPY on October 7, 2021

USD/JPY

The yen showed a trading range of 60 points on Wednesday, closing the day with a strengthening of only 5 points, and a (probably false) breakout of the target level of 111.67 occurred. This is an independent reversal signal, albeit weak and not yet confirmed. Also, the Marlin Oscillator, although it is decreasing, has not yet left its upper half of the rising trend. In case a reversal is confirmed, the first target of the decline will be the embedded price channel line in the area of 110.67. The repeated exit of the price above the level of 111.67 opens the target at 112.22 (the high of February).

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On the four-hour timescale, yesterday's decline stopped at the support of the MACD indicator line. In case the price successfully drifts under this line (that is, with consolidation below 111.30), we can speak of a short-term downward trend towards the target of 110.67.

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At the moment, the price is going to attack the level of 111.67, but it will only become clear how favorable external conditions are in the evening. The main events will unfold tomorrow, when the US employment data will be published.

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

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