USD/JPY rose on Friday, thanks to the 0.62% gain in the USD index. Technical support was provided by the Marlin oscillator, which rebounded from zero three times on the weekly chart. A consolidation above 117.20 will prompt a rally to 119.50/90, but it could turn down if stock indices continue to fall. After all, the S&P 500 already dipped 1.30% last Friday, while the Nasdaq fell 2.13%. Yen may recover on Wednesday, after the Fed meeting.
The pair is also bullish in the daily chart because the quote is above the balance and MACD lines.
It is also bullish in the 4-hour chart, but the rally is too steep, which, despite the fact that the Marlin oscillator slowed down in the overbought area, creates doubts that the quote will reach 119.50/90.
