USD/JPY
The yen found the strength to break away from the critical level of 104.62, not to break down to the level of 104.02. But by the current moment, the risk of a downward turn has not disappeared. Let the Marlin Oscillator penetrate into the zone of positive values on the four-hour scale, but the price is still below the MACD line. It should be overcome in the area of 105.06, only in this case we can count on working out 105.33 and even breaking this first bullish target.
On the daily chart, the Marlin Oscillator is turning up, which still increases the chances of realizing the growing scenario.
Overcoming the resistance at 105.33 opens up a fairly high target of 106.50/65 – a range of numerous extremes in the period from August 2019 to September 2020.
The new price drift below 104.62 may already be accelerating towards the target of 104.02. We are still waiting for the development of events.
The material has been provided by InstaForex Company - www.instaforex.com