The USD/JPY pair rallied with strength and a powerful movement on Tuesday, reaching the 115.80-116.15 target range completely. Now the price has an opportunity to continue its growth to the target level of 117.05 - this is the area where the August 2015 low and the price channel line (green) intersect. Returning below the lower border of the range (115.80) may deepen the emerging correction to the support of the MACD line at 114.80. Returning to the area under the MACD line will signal a reversal into a medium-term decline, here the first target will be the price channel line at 113.28.
The price is in a strong upward position on the four-hour chart, even the Marlin Oscillator could not withstand the tension and abruptly left the overbought zone. But by this action, Marlin received a release and can now resume further growth. The price has a potential for a correction to the MACD line in the area of 115.43. Going under it will strengthen the correction to the MACD line of the daily scale (114.80).
