The USD/JPY pair became the leader of the foreign exchange market yesterday, adding 0.37% in price. The dollar was helped by the stock market setting new historical records (S&P 500 0.18% - 4598.5). The stock market found the strength to continue its growth at the critical moment of October 8-13, and now it still has the opportunity to rise before any financial shock in the world.
But, despite the price growth, the Marlin Oscillator is moving sideways on the daily chart, which keeps the situation in a certain tension of uncertainty. The boundaries of this uncertainty are determined by the nearest levels: at the bottom 113.12 - the embedded line of the price channel, at the top - 114.48 - the high on October 15. If the price falls below one of these, the medium-term direction of the price will be set. The main scenario is the growth of the pair as a continuation of the current trend with the nearest target at 115.80-116.15.
It is also noticeable on the H4 chart that the MACD line is approaching the signal level of 114.98 (with a certain error in identifying the accuracy of this signal level). Overcoming important resistance at the cost will give new impetus to growth.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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