USD/JPY
Yesterday, the US dollar did not set the upward direction for the USD/JPY pair - it fell by 0.09% and provoked its decline by 28 points. There has been an increase in quotes in today's Asian session, but it is still within the framework of the consolidation of the current week.
Today is the most important day in the US stock market from a technical standpoint. The S&P 500 reached a historic peak of May 7 (4238) on Thursday, and if it surpasses this level today for the second time, then we can count on the stock market to rise for a few more days. In this case, the USD/JPY pair will continue rising, the target of 110.45 from the intersections of the two lines of price channels can be reached. If the stock market falls, the price of our currency pair goes below the target level of 109.20, then the second target of 108.35 will open - the lows of May 11 and March 11.
The price consolidated below the balance and MACD indicator lines on the four-hour chart, the Marlin oscillator, albeit symbolically, but in the negative zone. This creates the advantage of the bearish scenario. We are waiting for the development of events.
The material has been provided by InstaForex Company - www.instaforex.com