With notable effort, the dollar against the yen breaks through the resistance of the MACD line and the trend line of the red price channel on the daily chart. The US stock market provided help, having grown by 0.65% (S&P 500) on traditional expectations that the outbreak of coronavirus will soon end. A recession is expected in China at the end of March. Today, the Japanese Nikkei 225 index added 0.08% to the Asian session, while the Chinese China A50 -0.07%.
Now the price faces a new challenge – overcoming the resistance of the green price channel at 110.25. Success will make it possible for the price to rise to the target range of 110.83/98.
On the H4 chart, the price is developing above the red indicator line of balance, which indicates the preservation of a growing trend. The Marlin oscillator briefly entered the territory of the bears, but already shows its intention to return back to the growth zone.
The material has been provided by InstaForex Company – www.instaforex.com