In the previous yen analysis, we assumed that the price would not reach the target level of 149.38 since the Fibonacci levels had already been worked out. However, yesterday, the target level was tested. This movement has resulted in a weak divergence with the Marlin oscillator on the daily chart.
The reversal is likely beginning from the reached level. This will be confirmed by a move below the support level of 147.22, which the price did not achieve on the 8th. If the support at 147.22 is broken, the target will open up along the MACD line around 144.67, followed by 143.60.
The price and the oscillator form a more significant divergence on the four-hour chart. Identical patterns across different time frames reinforce each other. The price currently needs such support as it faces the MACD line on its way to 147.22, with a potential struggle around the 147.90 mark.
The material has been provided by InstaForex Company - www.instaforex.com #
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