The Japanese yen began to fear the global crisis no less than European currencies. Yesterday, data on household spending for July showed a decrease of 1.4% against the forecast of -0.6%. On an annualized basis, growth decreased from 3.5% y/y to 3.4% y/y. Against the background of the strengthening of the dollar index by 0.39%, the yen weakened by 1.57%.
On the upside, the price forcefully broke above the resistance at 141.08, opening a high target at 147.10, close to the price's all-time high in August 1998 (147.71). The Marlin Oscillator is high, but not overbought yet.
On a four-hour scale, the price is rising significantly, the Marlin Oscillator is a bit restrained. It has all the conditions and grounds for entering the overbought zone. Nevertheless, a correction, a price respite on the way to the target of 147.10 is very likely, and the reversal area for a correction is not very high from the current price, around the level of 144.25 - between Fibonacci levels 261.8 and 271.0% of the growth branch on 2-8 August.
Relevance up to 04:00 2022-09-08 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
