USD/JPY seems to be holding up well, following the recent intervention by the Bank of Japan. It consolidated around 148.50, heading towards the target level and the embedded line of the price channel – 150.40. As this occurs above the balance line, it indicates sustained buying interest from speculators.
However, the Marlin oscillator continues to decline below zero, suggesting that the pair’s delay in starting an uptrend could push the price below 148.50 and 147.95. If it drops under the MACD line, the direction could shift towards 145.90.
The four-hour timeframe shows a more pronounced delay in the upward movement. The pair trades below the indicator lines, with the Marlin oscillator moving downward. To change this situation, the pair needs to quickly rise above the MACD line, ideally above 149.25. But if it stays below 148.50, bears will become stronger, which could lead to the breakdown of the support level of 147.95.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
USD/JPY seems to be holding up well, following the recent intervention by the Bank of Japan. It consolidated around 148.50, heading towards the target level and the embedded line of the price channel – 150.40. As this occurs above the balance line, it indicates sustained buying interest from speculators.
However, the Marlin oscillator continues to decline below zero, suggesting that the pair’s delay in starting an uptrend could push the price below 148.50 and 147.95. If it drops under the MACD line, the direction could shift towards 145.90.
The four-hour timeframe shows a more pronounced delay in the upward movement. The pair trades below the indicator lines, with the Marlin oscillator moving downward. To change this situation, the pair needs to quickly rise above the MACD line, ideally above 149.25. But if it stays below 148.50, bears will become stronger, which could lead to the breakdown of the support level of 147.95.
The material has been provided by InstaForex Company – www.instaforex.com
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