The USD/JPY pair is preparing for a significant reversal. If Fibonacci time zones, as they have been in previous periods since October 2022, prove to be accurate, this reversal will occur in the first week of November, around the 9th Fibonacci line.
The Marlin oscillator, which has been steadily falling since the 2nd week of August, tells us that such a reversal is being prepared. On the daily chart, the price is consolidating near the resistance level at 150.00. The pair will likely surpass this mark as the signal line of the Marlin oscillator breaks above the descending channel and has already entered the positive territory.
During the time leading up to the global reversal against the yen, the price may not only reach the embedded price channel line at 150.50 but also move beyond it towards the target of 151.95 (October 2022 high). A sign of the reversal is when the price stays below the MACD line, below the level of 148.50.
On the 4-hour chart, the price is moving sideways above the indicator lines, and the Marlin oscillator is hinting at a reversal from the zero line to the upside. We are waiting for the price to breach the resistance level at 150.00 according to the main scenario.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
The USD/JPY pair is preparing for a significant reversal. If Fibonacci time zones, as they have been in previous periods since October 2022, prove to be accurate, this reversal will occur in the first week of November, around the 9th Fibonacci line.
The Marlin oscillator, which has been steadily falling since the 2nd week of August, tells us that such a reversal is being prepared. On the daily chart, the price is consolidating near the resistance level at 150.00. The pair will likely surpass this mark as the signal line of the Marlin oscillator breaks above the descending channel and has already entered the positive territory.
During the time leading up to the global reversal against the yen, the price may not only reach the embedded price channel line at 150.50 but also move beyond it towards the target of 151.95 (October 2022 high). A sign of the reversal is when the price stays below the MACD line, below the level of 148.50.
On the 4-hour chart, the price is moving sideways above the indicator lines, and the Marlin oscillator is hinting at a reversal from the zero line to the upside. We are waiting for the price to breach the resistance level at 150.00 according to the main scenario.
The material has been provided by InstaForex Company – www.instaforex.com
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