USD/JPY
The Japanese yen reached its main target on Wednesday - it came out above the strong resistance of the indicator and line resistances in the area of their concentration at the level of 110.50. The price broke through the upper border of the descending price channel, it is now canceled.
Subsequent growth targets are previous extreme levels: 111.39 - the low on October 21, 2018 and the same as the high on May 20, 2018, 112.20 - the peak on March 3, 2019 and also the peak in February 2020. However, we expect growth to be difficult, as recurrences of corrective falls have become more frequent in the US stock market, one of them will be the start of a medium-term decline in the entire market. Yesterday the S&P 500 lost 0.54%, this morning the Japanese Nikkei 225 is losing 1.28% and the Chinese A50 is down 0.13%.
The Marlin oscillator slightly turned down on the four-hour chart, indicating the market's desire to consolidate after yesterday's explosive growth. With the breakthrough of yesterday's high at 110.84, the target will open at 111.39.
The material has been provided by InstaForex Company - www.instaforex.com