The yen's situation has not changed as much over the past day, even the indicator lines have taken a horizontal position, which creates equal chances for the currency pair to rise and fall. Part of the reason lies in the uncertainty of the stock market, which is also in a horizontal local trend for three days. The S&P 500 lost 0.78% yesterday, while the Nikkei 225 is down 0.43% today in the Asian session. The Bank of Japan's meeting from this morning did not have any effect on the yen.
The price is stuck between the support of the embedded line of the price channel and the resistance of the balance indicator line on the daily chart. The main support is the MACD line at 107.18, since the price overcoming this particular line will be a signal to move to the lower trend line in the area of 106.48. The growth outlook is the 108.30 level, which is the February 3 low.
The price shows the intention to overcome the support of the MACD line (107.50), since the Marlin oscillator is already in the negative area on the four-hour chart. Departure of the price at 107.50 will be a signal of movement to 107.18, but it will still fit into the sideways movement. We do not expect a strong movement today, there are no conditions for this. It is a public holiday in the United States on Monday, respectively, the yen will continue its indefinite lateral movement for two days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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