Yesterday, the USD/JPY pair tried to break above the balance indicator line, taking advantage of the general strengthening of the dollar by 0.11%, but the stock market, which collapsed by 1.22% (S&P 500), did not allow this to be done. The trend continued in a downward direction, the target level of 113.27 - the line of the price channel of the monthly timeframe, remains relevant. Consolidation under the first target opens the second and rather low one – 110.90.
On the chart of a four-hour scale, the price is clearly kept from growth by the MACD line. Accordingly, settling above it may disrupt the dollar's downward mood, at least in the short term. The signal level is yesterday's high at 114.17. This short-term rise may reach the MACD line on a daily scale - the 115.20 mark area.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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