Yesterday, the USD/JPY pair showed strong growth, more than 120 points. The 121.70 target level was overcome, the high was shown at the level of 122.45. The general technical picture is that the level of 121.70 was determined at the time by mistake, the current situation shows that the 121.45 level in the period of January 1991 to January 2007 was somewhat stronger. Thus, the 121.70 level is abolished. And now we see that with a sharp reversal of the price downwards, the Marlin Oscillator comes out of the overbought zone. Now the target is the range of trend lines of the price channel at 119.50/94.
On a four-hour scale, the divergence of the price with the Marlin Oscillator weakened, but did not break, despite the fact that it became double, and this is its strengthening. The oscillator tends to go down, soon it will penetrate into the bears' territory. To confirm the reversal, the price should consolidate under the MACD line, go below the 120.60 mark.
Conditions for a short-term downward movement have already formed on the hourly chart. The 120.60 mark coincides with the March 23 low.
