Yesterday, the stock market significantly grew by 1.54% (S&P 500) while the dollar strengthened by 0.37%. These factors made it possible for the USD/JPY pair to maintain an upward trend and also gain a foothold above key resistance indicators.
The daily chart shows that consolidation took place above the balance line. Now the market's nearest price target is the price channel line at 106.62. The price leaving the area above it will prolong growth towards the 107.00 level.
The price settled above both indicator lines on the four-hour chart: above the balance line (red) and the MACD line (blue). The Marlin oscillator is in the growth zone, and the 106.62 target is open.The material has been provided by InstaForex Company - www.instaforex.com