On the daily chart, the yen has successfully overcome the MACD line, the balance line, and the 140.35 level. Now, the price is facing the area of convergence of the target level at 138.78 and the embedded line of the price channel in blue. The Marlin oscillator is steadily declining and has a solid margin of decline until it reaches the oversold zone. If the price consolidates below 138.78, it will open the way to 135.10.
However, everything depends on today’s US inflation data. Market participants, as indirect data suggest, may use it to turn the market towards strengthening the dollar. Then it turns out that overcoming technical support levels was a false move. Climbing above 140.35 will confirm such an assumption.
The signal line of the Marlin oscillator on the 4-hour chart has converged into a downward wedge – this is a sign of the oscillator and a reversal to the upside. A sign of heightened speculation in the market is ignoring today’s disastrous machine orders data (-7.6% for May when expected 1.0%) and the neutral position of US government bond yields (with Japanese government bond yields following for the last month).
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
On the daily chart, the yen has successfully overcome the MACD line, the balance line, and the 140.35 level. Now, the price is facing the area of convergence of the target level at 138.78 and the embedded line of the price channel in blue. The Marlin oscillator is steadily declining and has a solid margin of decline until it reaches the oversold zone. If the price consolidates below 138.78, it will open the way to 135.10.
However, everything depends on today’s US inflation data. Market participants, as indirect data suggest, may use it to turn the market towards strengthening the dollar. Then it turns out that overcoming technical support levels was a false move. Climbing above 140.35 will confirm such an assumption.
The signal line of the Marlin oscillator on the 4-hour chart has converged into a downward wedge – this is a sign of the oscillator and a reversal to the upside. A sign of heightened speculation in the market is ignoring today’s disastrous machine orders data (-7.6% for May when expected 1.0%) and the neutral position of US government bond yields (with Japanese government bond yields following for the last month).
The material has been provided by InstaForex Company – www.instaforex.com
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