The expected difficulties with the growth of the pair from the supposed bottom of June 4-5 are already evident. On Friday, the price at the moment fell by more than 70 points, not reaching this very bottom. Today’s session began with a price break up, which is another sign of a price drop for its closure. The convergence of the price with the Marlin oscillator is increasing, on the four-hour chart the signal line of the oscillator tends upwards and now it is in the growth zone. But the growth of the pair before its release over the MACD line on the scale of H4 (108.70) is premature. And the price should go above this line only after the closing of the morning gap so that the signal is not false.
The price reduction under the signal level of 107.78 can unleash a new round of decline to support the price channel line of the daily chart – 107.00.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
The expected difficulties with the growth of the pair from the supposed bottom of June 4-5 are already evident. On Friday, the price at the moment fell by more than 70 points, not reaching this very bottom. Today’s session began with a price break up, which is another sign of a price drop for its closure. The convergence of the price with the Marlin oscillator is increasing, on the four-hour chart the signal line of the oscillator tends upwards and now it is in the growth zone. But the growth of the pair before its release over the MACD line on the scale of H4 (108.70) is premature. And the price should go above this line only after the closing of the morning gap so that the signal is not false.
The price reduction under the signal level of 107.78 can unleash a new round of decline to support the price channel line of the daily chart – 107.00.
The material has been provided by InstaForex Company – www.instaforex.com
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