The Japanese yen does not have enough strength to work out the resistance of the green price channel with an approximate target of 109.83. The stock market is the main source of pressure for the US dollar: the US S&P 500 has not changed in price over the past four sessions, the Japanese Nikkei 225 is on the horizon for the sixth session. On the daily chart, the price is held by the red indicator line of balance. According to the Marlin oscillator, a double divergence is formed, but the signal line is turning upward from the boundary with the decline zone. Departure of the price under the support of the red price channel of 108.68 will provoke a fall to the lower line at 107.77. The signal line of Marlin at the moment of price transition under 108.68 will be in the zone of negative numbers.
On a four-hour chart, the price is held by the MACD line. If we assume that the market intends to overcome this support, then the testimony of Marlin, who is now in the declining trend zone, may be true. If we allow the market to grow, then development will come from a higher (daily) scale.
In general, the situation is precarious for any of the scenarios; the price is in an equilibrium state, creating an increased risk for trade.
Origin: InstaForex
