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13.12.2019 05:25 AM
Forecast for USD/JPY on December 13, 2019

USD/JPY

The dollar jumped 75 points yesterday against the yen due to Donald Trump's Twitter post about getting "very close to a big deal with China." It is assumed that the amount of duty-paid Chinese goods will be reduced to 360 billion dollars, respectively, new tariffs scheduled for December 15th will not be introduced. Despite the growth of the stock market (S&P 500) by 0.86% and the current rise of the China A50 by 1.18% and the Japanese Nikkei 225 by 2.17%, it is still difficult to make a decision based on the same messages from Trump on the social network, because before he wrote about a "big deal", which is about to be, but did not advance, and was even called into question by the Chinese side itself. We believe that you should not rush to conclusions and wait for a new week.

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From a technical point of view, the situation with the USD/JPY pair is increasing completely - the signal resistance range of 109.30/50 has been overcome on the daily timeframe, the Marlin oscillator is in the growth zone, the target is open at 110.00 on the trend line of the green price channel. Overcoming the level will open the important goal of 110.46 - this is the upper limit of the red price channel, originating in August 2015, exit from which opens up the prospect of growth by another three figures.

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The price is briskly growing above the balance and MACD lines on the four-hour chart, Marlin in the growth zone. It is likely that growth will still slow down, as the development of yesterday's news has already taken place.

Laurie Bailey,
Analytical expert of InstaForex
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