Yesterday, the USD/JPY pair was saved from an inevitable fall by a correction in the stock markets. The US S&P 500 closed the day up 1.50%. This growth in the stock markets was superimposed by the strengthening of the dollar by 0.91%, which ultimately led to the growth of the USD/JPY pair by 52 points. But we also consider this growth of stock markets as a correction from the fall since February 10th. Investors remain worried about the fast pace of the Federal Reserve's rate hike, 0.25% at virtually every meeting.
On the daily chart, the growth of the pair stopped at the MACD line. This morning there is a slight deviation of the price from this line. The Marlin Oscillator returned to the positive area, but is generally neutral. The price should again, after February 23, settle under the target level of 115.07 in order to continue further decline to the target of 113.35 - to the embedded line of the price channel of the monthly scale.
On the H4 chart, the price briefly went above the MACD line, Marlin followed the price sharply up and is currently in a trailing position. It looks like the price will spend the whole day in consolidation.
