USD/JPY
The dollar was falling for five consecutive sessions against the yen, a correction was outlined for the pair only this morning. But if it does not take shape with the exit over the line of the red price channel (1.0867), then the price will consolidate under this line and the decline will continue with the immediate goal of 107.77. The double divergence on the Marlin oscillator has finally formed, the signal line of the oscillator in the negative trend zone.
On a four-hour chart, the price is below the indicator lines, the Marlin oscillator is decreasing, the general trend is only going down. Consolidating the price over the MACD line (108.86) will be able to develop, under other favorable circumstances, an increase with the immediate goal of 109.30 and if the level is surpassed to 109.86.
The main scenario assumes a price fall to 107.77 - MACD's line and support of the price channel on daily.
The material has been provided by InstaForex Company - www.instaforex.com