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Forecast for USD/JPY on October 23, 2020

USD/JPY

The dollar strengthened by 22 points against the yen on Thursday, and the embedded price channel line restrained its growth on the daily chart. Getting the price to settle above this resistance may extend the growth to the MACD line towards the 105.65 area, but the main scenario is still downward.

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The price is completely in a downward trend even after yesterday's growth, which is corrective in nature, since the Marlin oscillator is in no hurry to follow the price. Declining further towards the 103.75 target level is still relevant.

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An alternative movement - growth is associated with the following difficulties: the first action on the four-hour chart, the price should settle above the 104.94 level. But this exit may turn out to be false if the price cannot overcome the MACD line at 105.33. Furthermore, the price faces resistance at 105.65 - the MACD line on the daily scale, above which it is also necessary to gain a foothold before growing further to 106.18.

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

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