USD / JPY pair
For the seventh day, the Japanese yen is developing in the range of 108.17-108.81 found in between the extremes of June 14 and 11. It is logical to assume that the price will fall out of the range, which will automatically correspond to the price going below the MACD line at H4. This will allow the USD/JPY pair to fall even lower at least towards the target January 10 level of 107.78. The exit of the price from the range opens the target of 109.16, which was the nested line of the price channel on the daily chart.
The decline in the USD/JPY pair this morning is due to the fall of the Nikkei225 stock index by 0.70%. The remaining ATP indices show growth: China A50 0.36%, S & P / ASX200 0.57%, Kospi SEU 0.38%, IDX Composite 0.74%. Yesterday, the American S&P500 added 0.09%. A more confident growth may be shown today with the release of construction data. The number of permits issued for the construction of a new house is projected at 1.30 million in May against 1.29 million in April while the number of new housing bookings is expected to be at the level of March at 1.24 million. Meanwhile, the growth of stock indices will pull the dollar up against the yen. The likelihood of a growing pair scenario to 109.16 is higher.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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