USD/JPY
The USD/JPY pair fell by 97 points on Monday, having reached the first target level of 109.20 as a lower shadow. The price has overcome the rising price channel by going down; it has fulfilled its role. And now the price can adjust in order to achieve the second target at 108.35 - so far there are no clear signs that this may not be the case.
But for now, the price may linger around the July 8th low (checkmark) as a consolidation correction. The Marlin oscillator slightly turned up.
On the four-hour chart, the Marlin Oscillator is moving up within the downward trend channel. The price can reach the resistance of the MACD line again, or the target level of 109.80 - the slower the price grows, the lower the correction will be.
