The USD/JPY pair does not seem to be holding the strain. The attempt to surpass the MACD indicator line on September 7-8 failed once again. The US stock market fell for the third session in a row, yesterday the S&P 500 lost 0.46%. In today's Asian session, the Japanese Nikkei 225 index is growing by 1.16%, but this is not helping the USD/JPY pair and even in the event of a further divergence of the US and Japanese stock indices (Nikkei 225 is trying with all its might to overcome the record high of 30714, which was set in February), then this will not help the dollar in the fight against the yen.
On the daily chart, the price is consolidating below the MACD line, and today's close below 109.85 will form this consolidation, which will set the price target at 109.20 from the beginning of next week.
On the four-hour chart, the price has already consolidated below the indicator lines and below the target level of 109.85. The Marlin Oscillator is turning up and this is a sign that the price needs to get used to it after yesterday's strong fall. After the completion of the consolidation, we are waiting for further downward price movement.The material has been provided by InstaForex Company - www.instaforex.com