With investors leaving the risk (S&P 500 -0.41%), the Japanese yen strengthened by 0.25% on Friday. The dollar is slightly recovering this morning. In order to develop growth, the price needs to overcome the technical level of 116.15. After that, the 117.12 target will open - the price channel line of the monthly chart. The plan for growth is supported by the MACD indicator line - 114.95. If the price overcomes this support, the plan will change to a descending one, to the nearest target at 113.28 - to the lower line of the price channel.
On the four-hour chart, the price is below the MACD indicator line and the Marlin Oscillator is in the negative area. If the price fails to settle above the MACD line, above 115.85, then a downward trend will develop, an attempt to overcome the support at 114.95. Consolidating above 115.85 will develop a price attack on the important technical level of 116.15.
