The further growth of the pair will depend on today's close of trading relative to the weekly control zone 1/2 108.98-108.79. If it is possible to consolidate above this zone, then the next growth target will be the weekly control zone 111.11-110.72, which is located near the maximum of last month. It is important to understand that growth is an impulse structure, so the probability of an extremum updating is above 70%.
Last week, the Bank of Japan supported the weakening of its national currency. Today, operations to reduce the yen continued.
To form an alternative decline model, it will be necessary to close today's trading below the weekly control zone 1/2. This will allow you to look for sales at tomorrow's Asian session. The probability of implementing this model is 30%, which makes selling from current grades not profitable.
Daily CZ - daily control zone. The zone formed by important data from the futures market that changes several times a year.
Weekly CZ - weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.
Monthly CZ - monthly control zone. The zone that reflects the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com