The technical situation of the last seven days for the USD/JPY pair is characterized by consolidation under the resistance of the trend line of the price channel. This is a sign of a subsequent price growth. The signal here is the price exit above a given resistance (108.88). The target of growth will be the line of the growing green price channel at 109.75.
Divergence on the Marlin oscillator is hindering the development of a positive scenario. It will not be broken before the price consolidates above the line of the price channel (108.88).
On a four-hour chart, the price is developing above the MACD line, yesterday’s departure of the price for it is now formalized as false, which raises the chances of a breakthrough of 108.88. The Marlin oscillator is trying to gain a foothold in the growth zone.
If the divergence of the higher scale is stronger, the price will fall to support at around 108.00 of the daily chart.
Origin: InstaForex
