The dollar index gained 0.28% yesterday, US stock exchanges were closed due to a national holiday, which is why the USD/JPY pair, as a stock market-dependent instrument, settled below the MACD indicator line on the daily chart. Yesterday and at the moment, the price is stuck between the balance line at the bottom and the MACD line at the top. This cannot continue for a long time, the price is likely to move in one direction today.
Since the Marlin oscillator is in the growth zone, and investors are optimistic on the Asian stock exchanges, such an exit to the upside is more likely to occur, to the first target of 106.57 - towards the embedded price channel line of the higher timeframe. Consolidating above the level opens the second target at 107.00.
The four-hour chart shows that the price is moving from side to side above the MACD line. The Marlin signal line is also moving sideways, but still in the growing trend zone. We are waiting for the price to leave the area above 106.57 so that the USD/JPY pair can grow in the long term.The material has been provided by InstaForex Company - www.instaforex.com