USD/JPY
The US dollar's growth on the broad market from yesterday finally brought the USD/JPY pair out of a narrow consolidation and pushed it to sharply rise. The first sign of such confidence is a strong exit over the balance indicator line, which has not been seen since April 19, when the Marlin oscillator turned up from its own neutral line.
The resulting momentum is sufficient enough for the price to overcome the first target level of 109.37, after which we expect the price to continue rising to the target level of 109.97, which is approaching the MACD line. Next, the price will have to fight with even stronger resistance in the form of two lines of the price channels intersecting in the area of 110.50. If this happens, the dollar will get a second wind to grow.
The price is struggling with the resistance of the MACD line on the four-hour chart, the Marlin oscillator is in the growth zone, the price faces the immediate task of surpassing the target level of 109.37, which is the March 15 high.
