USD/JPY
Yesterday, the USD/JPY pair rose 49 points, today it reached the day's high, the July 2 high at 111.67. A little more than 50 points remain till it hits the target of 112.22 - the high on February 16, 2020. The price can try to reach this goal, but it can stop there. The signal line of the Marlin Oscillator is already turning down in the overbought zone.
Even if the price intends to grow in the medium term, nothing prevents it from retesting the price channel line around 110.67, which is close to a 38.2% correction of the entire 5-day growth.
On the four-hour chart, the Marlin Oscillator turns down more pronounced. The MACD indicator line is approaching the target level of 110.67, strengthening it and increasing its significance in determining further price behavior. Accordingly, consolidation below 110.67 will return the price to a mid-term decline.
