On the Thursday, despite the growth of the American stock market by 1.06%, the yen made an attempt to strengthen (decrease on the chart) because of investors’ concerns about the government crisis in England. Large Japanese companies have expressed concerns about their further investments in UK, which is also a generator of Japanese investments in the EU. However, Thursday was closed by the yen at the opening level. This morning, the price was falling again, but it was still remaining above the support of the balance line of the day timeframe.
The weakness of the yen is manifested on the four-hour chart. Here, the price is fixed under the line of the balance and the Krusenstern line. The Marlin oscillator shows the first signs of an increase, but the price needs to cover a sufficient distance so that the risk of falling is leveled above yesterday’s high of 113.72 (and at the same time above the balance line on H4), to say the least. And for the complete recovery of prices in the growth trend- above 114.00, the Krusenstern line on H4. Probably, this won’t happen today. Yet, we still consider this as the main scenario, despite the fact that the daily price reversal can be synchronized with the reversal of the signal line of the Marlin oscillator from the zero line.
Even more effort will have to be made in order to contradict the negative scenario. On the daily chart, the yen has many technical supports, the lower of which. the Krusenstern line, is at the level of 112.85.
Translation
The material has been provided by InstaForex Company – www.instaforex.com
USD / JPY
On the Thursday, despite the growth of the American stock market by 1.06%, the yen made an attempt to strengthen (decrease on the chart) because of investors’ concerns about the government crisis in England. Large Japanese companies have expressed concerns about their further investments in UK, which is also a generator of Japanese investments in the EU. However, Thursday was closed by the yen at the opening level. This morning, the price was falling again, but it was still remaining above the support of the balance line of the day timeframe.
The weakness of the yen is manifested on the four-hour chart. Here, the price is fixed under the line of the balance and the Krusenstern line. The Marlin oscillator shows the first signs of an increase, but the price needs to cover a sufficient distance so that the risk of falling is leveled above yesterday’s high of 113.72 (and at the same time above the balance line on H4), to say the least. And for the complete recovery of prices in the growth trend- above 114.00, the Krusenstern line on H4. Probably, this won’t happen today. Yet, we still consider this as the main scenario, despite the fact that the daily price reversal can be synchronized with the reversal of the signal line of the Marlin oscillator from the zero line.
Even more effort will have to be made in order to contradict the negative scenario. On the daily chart, the yen has many technical supports, the lower of which. the Krusenstern line, is at the level of 112.85.
Translation
The material has been provided by InstaForex Company – www.instaforex.com
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