On Monday, the yen was able to show an interest in life, which had been damped since the middle of last month, on the general strengthening of growth. The price managed to go above the indicator lines of the daily chart and the embedded trend line of the price channel. The main sign of investor optimism is the actual increase in prices by 62 points – this is the biggest increase since October 31. At the moment, the price lies on the support of the balance line of the daily chart, but it can go even slightly lower to a stronger support of 112.88, where the Krusenstern trend line is located simultaneously on two timeframes – day and four-hour. The immediate task of the price is to overcome the resistance of the upper line of the downward price channel in the area of 113.88. Further, the yen may head to the resistance of the trend line of the growing price channel – 115.20. To move down to the lower boundary of the descending channel (110.87), the price will now need to overcome at least yesterday and even gain a foothold under it.
The material has been provided by InstaForex Company – www.instaforex.com
On Monday, the yen was able to show an interest in life, which had been damped since the middle of last month, on the general strengthening of growth. The price managed to go above the indicator lines of the daily chart and the embedded trend line of the price channel. The main sign of investor optimism is the actual increase in prices by 62 points – this is the biggest increase since October 31. At the moment, the price lies on the support of the balance line of the daily chart, but it can go even slightly lower to a stronger support of 112.88, where the Krusenstern trend line is located simultaneously on two timeframes – day and four-hour. The immediate task of the price is to overcome the resistance of the upper line of the downward price channel in the area of 113.88. Further, the yen may head to the resistance of the trend line of the growing price channel – 115.20. To move down to the lower boundary of the descending channel (110.87), the price will now need to overcome at least yesterday and even gain a foothold under it.
The material has been provided by InstaForex Company – www.instaforex.com
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