In the last three days, the Japanese yen has consistently and systematically fulfilled the tasks in order to strengthen growth; on Monday it was the output of the price over the Kruzenshtern line on a daily scale and the achievement of resistance to the graphic line of the price channel; on Tuesday, consolidation over this price channel line, today, on Wednesday, is an attempt to reach the high of yesterday. Now the price faces the following task – to reach the embedded line of the price channel in the area of 111.24. In the event of a consolidation above the level, we can expect an increase in the range of 113.00/30, which is marked on the daily chart with a gray oval. The upper limit of the range is determined by the upper limit of the price channel, the breakout of which will require a change in the entire technical picture. But up to this point another 275 points.
Thus, consolidating the price above the high of yesterday (110.67) opens the way to 111.24.
The material has been provided by InstaForex Company – www.instaforex.com