Uncertainty regarding the Japanese yen due to external pressure remains, but the price resolutely resists. Yesterday, this pressure not only eased, but also changed to support – the US stock index S&P 500 increased by 2.01%, while the tech-driven Nasdaq was up 2.71%. Today, the Japanese Nikkei 225 index is adding 0.54%. Japan's core machinery orders increased by 6.3% in July against the forecast of 2.0%.
At the moment, the daily chart shows that the price is clamped by the balance indicator lines (below) and the MACD indicator lines (above). The Marlin oscillator has not left the growth zone in the last ten sessions. We are waiting for the price to overcome the MACD line and reach the first goal of 106.55. Going above the level opens the second goal of 107.00.
The price settled at the bottom of the MACD line on the four-hour chart. The Marlin signal line moves along the neutral band, but still has a positive value. We are waiting for the USD/JPY pair to experience long term growth.The material has been provided by InstaForex Company - www.instaforex.com