USD / JPY pair
Yesterday, the Japanese yen was practically standing still in the range of consolidation in the last six sessions. The price with fresh forces broke the range downward this morning but met with strong support near the October 15 minimum of 111.64. It also briskly returned to increase and the bottom line is supported by a daily balance line.
But for a full recovery of the rising trend, the price needs to go over the MACD line on the four-hour chart and the marlin oscillator should move to the growth zone. This signal level coincides with the upper limit of the weekly consolidation. We expect further growth of the USD/JPY pair to the resistance of the price channels at 112.68 and 113.46 marked on the daily chart.
The material has been provided by InstaForex Company - www.instaforex.com