Since the USD/JPY pair has surpassed the resistance level of 154.25, it has consolidated above this mark for three days. However, although the price is above the level of 154.25, it could not stay above the embedded line of the price channel (154.50) at this time, especially with the Marlin oscillator declining.
As a result, the bears took over the initiative, and in today’s Asian session, they pulled the price below the support at 154.25. On the 4-hour chart, the price reached the MACD indicator line (153.73). A consolidation below it opens the way to 151.95.
Also, on the 4-hour chart, the signal line of the Marlin oscillator broke down after consolidating below the zero line. We are waiting for the pair to fall further.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
Since the USD/JPY pair has surpassed the resistance level of 154.25, it has consolidated above this mark for three days. However, although the price is above the level of 154.25, it could not stay above the embedded line of the price channel (154.50) at this time, especially with the Marlin oscillator declining.
As a result, the bears took over the initiative, and in today’s Asian session, they pulled the price below the support at 154.25. On the 4-hour chart, the price reached the MACD indicator line (153.73). A consolidation below it opens the way to 151.95.
Also, on the 4-hour chart, the signal line of the Marlin oscillator broke down after consolidating below the zero line. We are waiting for the pair to fall further.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: