USD/JPY
Yesterday, after the dollar strengthened in all markets (the dollar index added 0.62%), the USD/JPY pair grew by 26 points, and this morning it reached the upper shadow of a black candlestick, the point of intersection of the center line of the growing lilac price channel with the MACD indicator line.
The price is already below the green line of the price channel of the higher timeframe. The Marlin oscillator is turning down without leaving the negative (downward trend) trend zone. The yen received such confusion due to yesterday's fall in stock markets: S&P 500 -0.35%, DAX -0.01%. Japanese Nikkei 225 lost 0.24% in today's Asian session. The main scenario suggests a decline to the point of intersection of the lower border of the price channel with the target level of 109.80 - with the May 13 high.
The price briefly crossed the MACD line on the four-hour chart and returned to the area below it. Accordingly, this exit is interpreted as false and now the price is facing a decline. When the price overcomes support at 110.40, the first target (109.80) will open.
The material has been provided by InstaForex Company - www.instaforex.com