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USD/JPY
The USD/JPY pair started a significant correction after a sharp drop due to the Bank of Japan's currency intervention. The pair reached the target level of 155.75. If the price consolidates above this mark, it may rise to the 160.40 level, and numerous reports about how recent interventions are futile may prove to be well-founded and accurate.
However, for now, we will follow the main scenario, which implies a deeper decline towards the target levels of 150.90 and 146.50 (March lows). The first intermediate level is represented by the MACD line at 153.20. We can confirm this scenario once the Marlin oscillator signal line returns to negative territory. In fact, it is already turning downwards. The price must overcome yesterday's low of 154.57 in order for this to work.
On the 4-hour chart, the price is experiencing a narrow consolidation between the MACD line and the target level of 155.75. A prolonged consolidation works in favor of the bulls and increases the chances of realizing the alternative scenario. The Marlin oscillator is reluctantly falling. Market participants are likely assessing further prospects in the fight against the BOJ. We are awaiting further developments.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
