USD/JPY has been declining for eight consecutive days. There are no signs of stopping this movement on the daily chart. The price aims for 103.75, determined by the Fibonacci reaction level of 138.2% from the base branch of the movement on March 24-May 7.
The price has formed a small double convergence with the Marlin oscillator on the 4-hour chart, but with the trend currently being strong, it can be broken. We are waiting for the pair to fall to the designated target.The material has been provided by InstaForex Company - www.instaforex.com