On the weekly chart, the price has surpassed the resistance of the embedded price channel line, the balance indicator line (red), and the MACD indicator line (blue).
The price is on track for long-term growth. The nearest resistance and target is the closest line of the ascending hyperchannel at 142.25.
On the daily chart, the price has stayed above the price channel line (138.57) and has reached the first local target level of 139.40. The main risk of correction lies in the price divergence with the Marlin oscillator. However, the question persists whether it will fully form. If the price reaches the next target at 140.35 (the low of September 22, 2022), the divergence will not be confirmed, and the price will continue to rise.
On the 4-hour chart, the price is rising above the balance and MACD indicator lines. The Marlin oscillator, after a short-term consolidation at the zero neutral level, is now heading upwards. With this technical picture, the bulls have the advantage in the short-term trend.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY:
On the weekly chart, the price has surpassed the resistance of the embedded price channel line, the balance indicator line (red), and the MACD indicator line (blue).
The price is on track for long-term growth. The nearest resistance and target is the closest line of the ascending hyperchannel at 142.25.
On the daily chart, the price has stayed above the price channel line (138.57) and has reached the first local target level of 139.40. The main risk of correction lies in the price divergence with the Marlin oscillator. However, the question persists whether it will fully form. If the price reaches the next target at 140.35 (the low of September 22, 2022), the divergence will not be confirmed, and the price will continue to rise.
On the 4-hour chart, the price is rising above the balance and MACD indicator lines. The Marlin oscillator, after a short-term consolidation at the zero neutral level, is now heading upwards. With this technical picture, the bulls have the advantage in the short-term trend.
The material has been provided by InstaForex Company – www.instaforex.com
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