FX.co ★ Forecast for USD/JPY on June 29, 2021

USD/JPY

The situation with the yen is developing according to our main scenario: stock indices fall and entail the yen as a safe-haven currency. Yesterday, the Dow Jones lost 0.44%, the S&P 500 managed to close the day with a 0.23% gain, this morning the Nikkei 225 is down 0.87%.

Yesterday's daily candlestick touched the point of intersection of the green trend line of the growing price channel with the MACD indicator line with its lower shadow, and this morning the price is already breaking through this level (110.52). Double price divergence with the Marlin oscillator is gaining momentum.

The price is below both indicator lines on the four-hour chart, the Marlin oscillator is strengthening the decline in the negative area. We are waiting for USD/JPY at the first target of 109.80 (high on May 13).