The yen continues wide-range fluctuations and traders have been confused for almost a month. There are two main reasons for this: the sideways movement in the same period of the yields of US long-term government bonds and the departure of investors from the stock markets in anticipation of deflation of "bubbles". All this braces the USD/JPY pair for a fall of more than two figures, approximately to the level of the April low of 107.49.
But while on the daily chart we see the price exit above the MACD indicator line, the Marlin oscillator reverses from its zero line to the upside. To consolidate such an intention to grow, to the target of 110.63, today's closing must be higher than the opening price. A price retracement below 109.85 could lead to a decline to the first bearish target of 109.20 (June 8 low).
On the four-hour chart, the price is above the MACD line, below the balance line, Marlin still cannot enter positive territory. We are waiting for the development of events.The material has been provided by InstaForex Company - www.instaforex.com