The Japanese yen successfully completed key resistance on Friday: the triangle of convergence of the two lines of price channels, the Fibonacci reaction line of 110.0%. Now, if the levels are reached (the Friday high), the yen will go to conquer the target range of 110.83/98 near the Fibonacci level of 123.6%. Before such an expected attack, the price may get a little hooked up to the Fibonacci level of 100.0% (109.74), to which the MACD line also approached.
On the four-hour chart, the MACDline approaches the level of 109.74, it will strengthen the significance of the level.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Forecast for USD/JPY on 1/20/2020