Yesterday, the US stock index S&P 500 rose 0.85%, which was the first pronounced day of growth since September 2, when the index showed an all-time high of 4545.85. It is very likely that this growth is only a correction to the previous fall. It could rise today if retail sales data for August comes out no worse than the expected -0.8%. Stopping the growth of the stock market, and even more so the restoration of the downward movement, will put additional pressure on the USD/JPY pair.
The yen hit the target level of 109.20 yesterday. Today the price will try to overcome it in order to continue moving towards the next target of 108.35. The Marlin Oscillator helped the price in this, which is in the downward trend zone.
The price is consolidating ahead of support at 109.20 on the four-hour chart. The price develops below the indicator lines and Marlin is in the negative zone. We are waiting for the further development of the downward price movement.
The material has been provided by InstaForex Company - www.instaforex.com