It is a public holiday in Japan today, Japanese markets are closed and the yen receives only indirect support from the Bank of Japan. As a result, the USD/JPY pair is declining despite the growth of Asian stock indices. The signal line of the Marlin oscillator is slightly turning down, which may mean the completion of upward correction from current levels and the price channel line at 111.98 may not be reached.
The Marlin does not form a strong divergence on the four-hour chart, which can also be a sign of the completion of corrective growth. Finally, a reversal will form after the price goes below the MACD line on the daily chart (109.12), which will show the falsity of yesterday’s price exit above this line. After that, we expect the price to support the embedded line of the price channel in the region of 107.10 and then fall to the lower line in the region of 102.80….
The material has been provided by InstaForex Company – www.instaforex.com