The USD/JPY pair failed to grow yesterday, as the US stock market fell by an average of 0.45% on indices. The yen has not been able to break away from support at 105.30 for three weeks now. This becomes dangerous in the sense that the market may fall to a rather low target level of 103.75. But before that, the price needs to settle below the embedded price channel line, below the 104.98 level. But even the probability of such an event cannot be determined, the situation has become even more uncertain than it was yesterday. The signal line of the Marlin oscillator is also in the dark at the border of the growth territory.
The trend is completely downward on the four-hour chart: the price falls below both indicator lines, while Marlin is directed to the downside in the negative zone. Getting the price to settle below the 105.30 level will enable it to fall to the support of 104.98, but the price may also increase from this level. As before, we are waiting for the development of events. We can only talk about growth when the price goes beyond the MACD line (105.78).
The material has been provided by InstaForex Company - www.instaforex.com