Amid the fears that hit the markets on Friday and Monday, the USD/JPY pair lost more than 160 points these days and almost reached our target at least to January 10 level at 107.78. At the moment, there are signs of the formation of price convergence with the Marlin oscillator simultaneously on two graphs of daily and H4. In the case of the departure of the price under 107.78, these signs of convergence will be transformed into an ordinary correction of the indicator and the price will go towards the next target at 107.12. But at the moment, these patterns can signal the termination of panic in the market. The indicators on both graphs are in a depressed state, which indicates a complex long and uneven anticipated recovery of the pair. Even if the price grows to 109.25 on the MACD line on the four-hour scale and the graphic line on the daily scale, the price will still be in a general downward trend. Only the output of the pair above the indicated resistances will allow us to return to the consideration of scenarios for further growth.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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