The USD/JPY pair grew by 52 points on Tuesday, rose above the MACD line and finally went into a state of uncertainty. Formally, the price transition above the signal level of 114.28 (December 15 high) opens the 115.80-116.15 target range, but the price has formed a local upward price channel, and therefore the price exit from the channel above 114.64 will become a more important sign of further growth.
A serious intention to develop the downward movement is when the price leaves the area under the price channel of the monthly timeframe (113.23). The target will be the lower line around the 110.80 mark.
On the H4 chart, the price is consolidating in the range of the nearest signal levels 113.96 and 114.28. Exit above the upper level opens the target at 114.64 - the upper limit of the daily mini-channel, going below the lower level opens the target at 113.46 - the MACD line on H4.
