Yesterday, USD/JPY jumped 44 points up, breaking through resistance at 109.20 and currently approaching the target level of 109.80 (high on May 13). But in light of yesterday's events, when weak data on private sector employment came out, further growth of the dollar may be limited. ADP Non-Farm Employment Change in July showed only 330,000 new jobs against expectations of 695,000.
On the daily scale, the Marlin Oscillator is still in the negative area, local growth occurs without convergence, that is, without a reversal technical pattern, the price is below the balance and MACD indicator lines. If the price settles above the level of 109.80, the growth may continue to the MACD line to the area of 110.40. And medium-term growth is possible only if the price settles above this line.
On the four-hour chart, the price rose above the balance and MACD indicator lines, and the Marlin oscillator broke into the growth zone. The probability of reaching the 110.40 target is 60%.The material has been provided by InstaForex Company - www.instaforex.com