The USD/JPY pair lost 23 points yesterday, which was a notable event amid low volatility last week. The signal line of the Marlin oscillator on the daily chart is still within the boundaries of its own wedge, but its intention to leave the wedge down has become stronger. A target will open on the lower line at 102.40 when the price goes below the embedded line of the price channel at 106.70.
The price is developing above the MACD line on the four-hour chart, which hinders forming a sell signal in time. When the price leaves the area above 108.20, above the MACD line of the daily scope, this will reveal an alternative upward scenario with the aim of moving to 111.62.
You are advised to open sales when the price overcomes the 106.70 level, stop loss above 107.00.
The material has been provided by InstaForex Company – www.instaforex.com