The USD/JPY pair fell by 48 points last Friday, breaking the support of the embedded price channel line (104.75) on the daily chart. The Marlin oscillator has penetrated the negative trend zone, the nearest target at 104.05 (October 29 low) is just ahead, followed by the second target of 103.18 – November 6 low.
The price currently lies on two indicator lines on the four-hour chart – the MACD line and the balance line. In fact, the price is stuck between the daily price channel line (104.75) and the indicator lines.
This creates the probability that the price would go above the resistance, reaching the MACD line on the daily timeframe, near the 105.14 level. Subsequently, however, the price is most likely to fall with an attempt to take 104.05.
If a short-term reversal from the MACD line does not take place, the price will immediately go to the first goal. Depending on external circumstances, the price will either continue to fall to the second goal of 103.18, or will hesitate in correcting from the level of the first goal.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.