On Monday, the USD/JPY pair made a desperate attempt to exit above the red price channel line, but the attempt was unsuccessful. The candle closed above the line of the price channel, which formally is consolidating the price above the level, but taking into account the possible inaccuracy of the graphics on large historical data and the price fluctuation itself, consolidating on the line, as it is not explicit, can be ignored. The Marlin oscillator is going down in the zone of negative values. The purpose of the movement is to maintain the MACD line on the daily chart (107.92). Just below it is support for the embedded price channel line.
An alternative scenario will open after the price overcomes the signal level of 109.30 – growth will continue to the line of the green price channel (109.80).
On the four-hour chart, the price is again below the MACD line, below the zero line is the signal line of the Marlin oscillator. We are waiting for the price on the designated target 107.92.
Origin: InstaForex
