USD / JPY pair
On Wednesday, the Japan data came out optimistic. The volume of orders for engineering equipment increased by 2.8% in September after the August increase by 5.1%. The base index of orders for engineering products added 6.8% against the forecast of -3.9%. The yen broke away from supporting the trend line by more than 60 points, but the American stock market further collapsing crossed all hopes for growth. The S&P 500 fell by 3.29% while the Nikkei 225 is losing 4.28% today. The Chinese Shanghai Composite collapsed 4.34% in the Asian session.
On the daily chart, the price has fixed under the MACD trend line, it is possible that the balance line around 111.77 can still support the yen and the price will retest the uptrend line of the price channel at 112.66. The bearish sentiment is strong, and the signal line of the Marlin oscillator on the daily very strongly takes root in the zone of negative values. In the end, we are waiting for the price in the area on September 7 minimum at 110.39.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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