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Forecast for USD / JPY as of August 7, 2018

USD / JPY

To keep the yen from falling, neither the trend line (red) nor the trend indicator Kruzenshtern (area 111.64) could either. But the fall was held by the red indicator balance line. Now the price has to be a difficult task to overcome the initially strengthened resistance at 111.64, then the resistance of the graphic green line - this is embedded trend line of the broad price channel with the beginning of June 2016, and all this will not be the beginning of a new trend, after the resistance of the descending line at 113.02, for her a number of levels. Oscillator Marlin in the negative zone. In fact, the whole growth depends only on the support of the balance line on the chart. If it is pressed, it is possible to decrease to 110.58 and further to 109.92

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The yen is also weakly reacting to the growth of the stock market. Yesterday S & P500 added 0.35% and today Nikkei225 0.64%, but the yen in the Asian session is down. Household spending for June, according to the morning release, only slowed the decline from -3.9% y / y to -1.2% y / y, although wages rose from 2.1% y / y to 3.6% y / y. / g. Tomorrow the forecast for the balance of payments for June is expected to decrease from 1.85 trillion yen to 1.84 trillion. On Thursday, the forecast for new orders for engineering products is expected to contract by 0.8% in June.

As a result, we expect lateral trade in the range of 110.85-111.64 in the short term.

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