On Monday, the yen made an attempt to consolidated above the green trend line of the upward price channel on the daily scale chart. Today in the Asian session, the price began to decline at the risk of going below this line. On the daily and four-hour charts, the Marlin oscillator signal line touches the zero line. When synchronizing a pattern on graphs of different scales, its influence on the price is enhanced. We believe that in this case, the price will not fall below 109.21 (January 15 high), the yen will turn up to the resistance of the downward price channel of the higher timeframe – 110.54.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
On Monday, the yen made an attempt to consolidated above the green trend line of the upward price channel on the daily scale chart. Today in the Asian session, the price began to decline at the risk of going below this line. On the daily and four-hour charts, the Marlin oscillator signal line touches the zero line. When synchronizing a pattern on graphs of different scales, its influence on the price is enhanced. We believe that in this case, the price will not fall below 109.21 (January 15 high), the yen will turn up to the resistance of the downward price channel of the higher timeframe – 110.54.
The material has been provided by InstaForex Company – www.instaforex.com
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