Due to the general strengthening of the dollar, the USD/JPY pair was able to get out of a difficult situation with the implementation of our optimistic scenario. Yesterday, the dollar grew against the yen by 64 points; the price went out of the cluster of graphic and indicator lines, approaching the important resistance of 110.86 that was given by the embedded line of the lower (weekly) price channel. The complexity of the resistance is additionally created by the MACD four-hour scale, which is located near the linear resistance. Consolidation on H4 before the level of 110.70 with the last five bars creates a sign of the market's readiness to attack this boundary and move further to the upper line of the price channel in the area of 112.90.
The material has been provided by InstaForex Company - www.instaforex.com