The USD/JPY pair rose a bit more on Tuesday after a desperate push on Monday, but in today's Asian session the price is trying to cover yesterday's low. It did not reach the target level of 113.85, but there is a range in the correctness of the determination of this level, therefore, it is possible to allow the target to be worked out in the current area (113.79) above the MACD line.
Further possible scenarios are easy to see: the price exit above 113.85 and consolidating on it opens the way to the 115.80-116.15 range, returning below the price channel line (113.21) will open the signal-target level of 112.54, overcoming which will open the main target of 110.77.
On the four-hour scale chart, the price reversed exactly from the MACD indicator line. The Marlin Oscillator is turning down, and its movement into negative territory may be synchronous with the price breaking through the 113.21 level. Synchronicity will strengthen the price movement, there is a 60% probability of reaching the level of 112.54 and there is a 75% probability after overcoming the level of 113.21. We are waiting for the development of events.The material has been provided by InstaForex Company - www.instaforex.com