As a result of yesterday, the USD/JPY pair dropped 39 points, piercing the support of the MACD indicator line and the price channel line with a lower shadow, that is, having made a false movement. This morning the price is going up. The growth target is the 114.31/46 price range, limited by the peaks on November 4 and November 1. The Marlin Oscillator is weak, but it still has an opportunity to rise today. If Marlin remains in a depressed state, then reaching the specified goal may be questionable.
On the 4-hour chart, the price and the Marlin Oscillator have formed convergence. This circumstance still increases the likelihood of growth to 65%. We also note that the target range coincides with the MACD line at this price scale, therefore, in this area, the price may reverse downward, or, after overcoming it, further growth to the target range of 115.80-116.15.
The material has been provided by InstaForex Company - www.instaforex.com