On the daily scale chart, the price is struggling with the resistance of the MACD indicator line for the third day. The signal line of the Marlin Oscillator is in the growth zone, but it is moving horizontally, this creates a prerequisite for the price to roll back from the current levels, to the area of 114.50/60, where the price bogged down in January. In order for the price to rise, it is necessary to firmly settle above the MACD line, above the level of 115.53 (high on November 24, marked with a tick), then only we can count on its further growth to the price channel line of the monthly chart, to the area of 117.17.
There is still growth on the four-hour scale. Consolidation above the signal level of 115.53 will create conditions for moving to 117.17. Consolidating under the MACD line (114.77), which is even higher than the expected rollback to the area of 114.50/60, will keep the price in the horizontal range of 114.30-115.40 for another week at least. The reason for this delay is the fall of stock indices, to which the USD/JPY pair is sensitive.
