The USD/JPY pair failed to overcome the resistance of the classic 61.8% Fibonacci level. In today’s Asian session, the price is starting to run towards the target level of 155.75, or more precisely, towards the target range of 155.75-156.04, the upper boundary of which is formed by the Fibonacci level of 50.0%.
If the price moves below this range, the pair could attack the support of Fibonacci 38.2% (155.04), as the MACD line has already come very close to this area and strengthens it.
On the 4-hour chart, we see the first support at the MACD line, at the level of 156.23. The signal line of the Marlin oscillator is attacking the border of the downtrend territory. The potential for a downtrend strengthens with each black candle.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
The USD/JPY pair failed to overcome the resistance of the classic 61.8% Fibonacci level. In today’s Asian session, the price is starting to run towards the target level of 155.75, or more precisely, towards the target range of 155.75-156.04, the upper boundary of which is formed by the Fibonacci level of 50.0%.
If the price moves below this range, the pair could attack the support of Fibonacci 38.2% (155.04), as the MACD line has already come very close to this area and strengthens it.
On the 4-hour chart, we see the first support at the MACD line, at the level of 156.23. The signal line of the Marlin oscillator is attacking the border of the downtrend territory. The potential for a downtrend strengthens with each black candle.
The material has been provided by InstaForex Company – www.instaforex.com
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