Forecast for USD/JPY on December 21, 2020

USD/JPY


The US stock market fell by 0.35% (S&P 500) last Friday, due to expectations on news regarding the Brexit talks. There has been no progress on this issue (that is, there have been negative movements), and at the same time a number of countries are closing their borders due to the spread of a new dangerous strain of coronavirus. Today in the Asian session, the Nikkei 225 lost 0.65%, S&P/ASX 200 -0.33%, China A50 -0.26%. The Japanese yen can strengthen as a safe-haven currency amid these events, although every year it weakens in this capacity.


The daily chart shows that the price has surpassed the 103.18 price level (Nov 6 low), but returning to the area under it opens the 102.35 target. The probability of rising towards the MACD line (104.00) has been significantly reduced.


The four-hour chart shows that the price growth from last Friday was not supported by the Marlin oscillator, its signal line did not stay in the area of positive values. We are waiting for the price to settle below the 103.18 level and then the pair should fall to 102.35.


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