USD / JPY pair
On the daily chart, the price reached the first goal at 108.35, which is the enclosed line of the red falling price channel. According to our expectations, the Fed will lower the rate to 2.00%, but the accompanying statement and comments by FOMC Chairman Powell will be quite aggressive. In turn, this may not weaken the dollar strongly in the market, especially considering the market adsorption of the rate cut. So much has been said about this decrease, which is considered to be practically a closed chapter, even if the markets lay such a probability of only 55%.
The technical picture does not even hint at a possible downward turn of the dollar. Overcoming the price of 108.35 opens a direct road to 109.20 and then to 109.58. These goals are determined by the lines of price channels on the daily chart.
On a four-hour chart, the price has risen sharply above the MACD line. This is the signal line of the Marlin oscillator in the growth zone.
The material has been provided by InstaForex Company – www.instaforex.com