Our expectations of a difficult and ambiguous rise of the USD/JPY pair from the expected bottom in the area of 107.78 are justified. On a four-hour scale, the price failed to gain a foothold over the MACD line (indicator blue), which formed a divergence with the Marlin oscillator. The gap at the opening of Monday remains open, apparently, the price went to it. Taking into account the already formed divergence, the price reduction may not be limited to closing the window, it may continue to another testing of the bottom, and with the overcoming of the lows on June 4-5, which will form a double convergence on the daily scale (indicated by a dotted line).
Moving up from the current levels is possible. In this case, the growth limit may be the embedded line of the price channel on the daily chart (109.17), which also corresponds to the minimum on May 29. But to achieve this goal may also be followed by a turn to close the window from the 10th.
The material has been provided by InstaForex Company – www.instaforex.com