The quote of the USD/JPY currency pair did not reach 16 points to the target level of 109.90 formed by the green line of the ascending price channel. The price sharply turned on the news of a significant increase in duties on steel and aluminum for Brazil and Argentina. The S&P 500 index lost 0.86%, while the Nikkei 225 is down 0.84% today. It is very likely that the pair has reversed into a medium-term decline. The Marlin oscillator on the daily chart is being introduced into the negative trend zone.The immediate goal is the intersection of the MACD line with the red price channel line at 108.50. Leaving prices below the level opens the second goal at 107.58 – the area of intersection of the lines of rising and falling price channels.
On a four-hour chart, the divergence on Marlin formed and worked out in one day. Price went below the MACD line. We are waiting for the development of a downward movement.
The material has been provided by InstaForex Company – www.instaforex.com