Yesterday, the USD/JPY pair fell by 106 points, and this morning it went up. At the moment, the option regarding the triangle’s formation, which we described in yesterday’s review, is being confirmed. It may be canceled by the price falling below yesterday’s low (121.33), which will lead the pair to the introduction into the range of trend lines at 119.50/95.
The Marlin Oscillator on a daily scale shows the intention to turn up, which supports the triangle option. The price exit above the price channel line at 125.00 will cancel the triangle option and open a nearby target at 125.85. A deep price drop may occur from this level, if, of course, a price divergence with the oscillator is formed. Such a scenario is already visible.
The price settled below the MACD indicator line on the four-hour chart, the Marlin Oscillator is in the downward trend zone. The situation is close to canceling the triangle option. To do this, you need to go under yesterday’s low. Settling above the MACD line, above the level of 122.45 (March 25 high) will relieve the bulls’ worries, and an opportunity for further growth will open up for them.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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