Daily
The quotes rose to the level of correction 161.8% - 88.53 of Fibonacci. The rate did not consolidate above the level, then rebounded and swung towards the yen. The rebound from the level of correction 161.8% allows the pair to drop towards the level of correction 100.0% - 84.16 of Fibonacci. No new divergences are observed. The consolidation of the quotes above the level of correction of 161.8% of Fibonacci enables the USD/JPY pair to continue growing towards the next level of correction 200.0% - 91.16. All the indicators are oversold at the moment. It increases the possibility of the quotes to drop. Formation of a bullish divergence gives the rate a chance to return to the level of 161.8% of Fibonacci.
4h
After the USD/JPY pair has consolidated above the level of correction of 523.6% - 86.61 of Fibonacci, it turned in favour of the yen and returned to that level. On the whole, such consolidation provides a possibility for the pair to rise to the next level of correction 685.4% - 89.78. CCI and Stochastic have formed a bullish divergence; the recent low is higher than the previous one and indicators’ lows are to a greater extent lower than the previous ones. This divergence may coincide with the rebound from the level of correction 523.6% of Fibonacci. Rebound from the level of correction 523.6% enables the pair to start growing. Consolidation of the rate under the level of correction 523.6% of Fibonacci makes it possible for the pair to continue falling to the level of correction 423.6% - 84.88.
