Yesterday, the USD/JPY pair made false shots in both directions in a total range of 114 points, but eventually, it closed the day with a loss of 39 points. The upper limit for the price was the embedded line of the price channel on the daily chart. The nearest target at 105.85 is open on the lower price channel line. Overcoming the support opens the second target of 105.40.
The reversal occurred from the MACD line on the four-hour chart. In this case, the resistance line coincided with the price channel line of the daily timeframe, the level strengthened, the price turned around quickly and strongly.
The trend is completely decreasing at both price scopes, we are waiting for the fall to continue.
The material has been provided by InstaForex Company – www.instaforex.com