The USD/JPY managed to get out of the 111.64-112.14 range upwards yesterday by an effort of will. At the same time, the price also overcame the resistance of the MACD line on a four-hour scale. The signal line of the Marlin oscillator on H4 crossed the border with the territory of the “bulls” and rushes stronger upwards.
The efforts of the yen were spent hefty, fixing prices over the MACD line did not happen. Today, in the Asian session, the price returned to the range of 111.64-112.14. Indicator readings remain rising. It is likely that the market will dig up a little more strength and continue what it started – will rush to the first goal 112.68 – to the resistance of the upper limit of the red falling price channel of the weekly scale. Fixing above the level will allow the price to continue rising to the nested line of the green rising price channel (113.46).
The material has been provided by InstaForex Company – www.instaforex.com