USD/JPY
On Monday morning, Asian markets were not prepared for an emergency Fed rate cut from 1.25% to 0.25%, as they expected such an action on Wednesday, the day of the planned meeting of the regulator. Chinese economic data for February were also worse than forecasts. China's industrial production declined by 13.6% y/y, fixed investment declined by 24.5% y/y, retail sales fell by 20.5% y/y, and unemployment rose from 5.2% to 6.2%. The Chinese stock index China A50 is losing 1.40%, the Japanese Nikkei 225 is down 0.12%, while the yen is strengthening by 70 points.
Friday's growth of the USD/JPY pair stopped at the balance line of the daily scale. The current correction occurs to the range of two lines of the price channel. The signal line of the Marlin oscillator unfolds from the boundary with the territory of the trend growth.
The first goal of local price reduction is the MACD line on the four-hour chart at the price of 104.90. Anchoring it breaks off the second goal of 102.88 - support for the embedded price channel line. Further growth is possible after consolidating the price above Friday's closing price of 107.96, the target will open on the MACD line on the daily chart of 109.20.
