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16.10.201906:08 Forex Analysis & Reviews: Forecast for USD/JPY on October 16, 2019

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USD/JPY

The yen has practically fulfilled the target level of the embedded line of the red price channel and the risk of a deep correction has appeared. On the daily chart, this risk is expressed by a sign of the formation of divergence on the Marlin oscillator. Divergence can also occur at a higher price, for example, from the boundary with the green price channel (109.70). Growth to this goal is possible after the price consolidates above 108.95. The nearest reduction target is at the line of the red price channel at 108.08.

On the four-hour chart, the divergence for Marlin is almost ready, but the signal line is still in the growth zone. Support at 108.08 is perhaps the accumulation of new forces for further growth. The price can also make a false breakdown of the red line, here the MACD line is a more important support, the price can meet with it in the region of 107.70.

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