USD/JPY
The correction continues in the US stock market. The S&P 500 fell 1.76% yesterday, which kept the yen from growing towards the long-planned goal of 106.55. The price slightly dropped, staying above the balance indicator line (daily chart), as it continues to go for an upward mood despite the rapid changes in external markets. The Marlin oscillator is in the growth zone, the 106.55 target is relevant, after the price breaks through the area above it, the quote will likely climb to 107.00.
The MACD indicator line served as good support for the price on the four-hour chart. We see moderate growth in today's Asian session, while the Marlin oscillator has penetrated the growth zone.
To some extent, the Japanese stock market helps the USD/JPY pair grow. Despite yesterday's collapse in the US market, the main Asia Pacific region indices are showing growth today.
The material has been provided by InstaForex Company - www.instaforex.com