On Friday, the price reached the first “bearish” target at the intersection of the MACD line with the embedded price channel line on the daily chart. Also, the dollar weakened against the stock market growth where, today in the Asian session, the US S&P 500 index gained 0.91% while the Japanese Nikkei225 is adding 0.26%, this comes on a very good basis. The Japanese GDP for the 3rd quarter in the final assessment was 0.4% against the forecast of 0.2%, the balance of payments in October increased to 1.73 trillion yen from 1.49 trillion, the volume of bank lending in November increased from 2.0% yearly to 2.1% . This does not mean that the yen hinders the growth of the USD / JPY pair apparently it even gathers forces to break through the support that has already been achieved. Meanwhile, on the daily chart,
On a four-hour scale, Marlin is also held in a negative trend zone. If the price is fixed at the low of Friday (108.50), the scenario will be that the lower target 107.60 will open at the area of intersection of the green and red lines of the two price channels. Delay with a breakthrough may trigger a price increase to the first target up to the MACD line on H4 at the price of 109.08.
Origin: InstaForex
