On Monday, the yen managed to push the support of the price channel of the daily timeframe, but the price returned on Tuesday, leaving traders with a false puncture of support. On the daily chart, there was a weak price convergence with the marlin oscillator, on the four-hour chart the convergence has been transformed into a double one, in the last 24 hours the price consolidates above the level of 109.50, than we have all the signs of an upward price reversal.
So, the first goal of growth is the green line of the upward price channel at 110.17, followed by the resistance of the red downward channel in the area of 110.40. Next, we are waiting for the price to return to the MACD line of the daily scale in the region of 111.10 (the MACD line will slightly grow by that time).
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
On Monday, the yen managed to push the support of the price channel of the daily timeframe, but the price returned on Tuesday, leaving traders with a false puncture of support. On the daily chart, there was a weak price convergence with the marlin oscillator, on the four-hour chart the convergence has been transformed into a double one, in the last 24 hours the price consolidates above the level of 109.50, than we have all the signs of an upward price reversal.
So, the first goal of growth is the green line of the upward price channel at 110.17, followed by the resistance of the red downward channel in the area of 110.40. Next, we are waiting for the price to return to the MACD line of the daily scale in the region of 111.10 (the MACD line will slightly grow by that time).
The material has been provided by InstaForex Company – www.instaforex.com
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