Yesterday's sharp weakening of the dollar due to the release of consumer prices in the US over the past month, disrupted the optimistic growth of the USD/JPY pair. The price lost 14 points at the end of the day, returning to the support of the MACD line on the daily timeframe. The Marlin Oscillator is staying in the positive zone. Stock indices are growing, only Chinese ones spoil the situation a bit - China A50 -0.16%. Probably, from the opening of the European session, optimism and appetite for risk will still prevail, the US S&P 500 closed the day with an increase of 0.25%.
But expectations should be confirmed by the market; only when the price breaks out above the price channel line, that is, above Tuesday's high at 110.62, it is possible to expect a confident rise to the 111.39 target. The Marlin Oscillator is in a growing area, but it's outlined downward reversal already warns of a possible reversal and price.
Marlin has already entered the downward trend zone on the four-hour chart. Consolidating under the MACD line, below 110.04, may bring the price to the level of 109.20 - to the low on June 8.The material has been provided by InstaForex Company - www.instaforex.com