The yen continues to maintain a neutral mood around the reached peak of a two-month strong growth. Yesterday's growth was 53 points. The signal line of the Marlin Oscillator continues to decline after forming a divergence. The main driving force behind the reversal and subsequent decline in the pair is the stock market. Yesterday's fall of the US S&P 500 by 1.48% may be the beginning of a stronger and longer decline. We expect the S&P 500 to drop below the February low of 4114.50 from its current quote of 4393.66, a 6.35% drop that will undoubtedly put even more pressure on adjacent markets.
On the four-hour chart, the price still feels confident in the upward trend, but the Marlin Oscillator is visually about to leave the zone of the growing trend. As a result, the price may overcome the support at 127.46 (Wednesday's low), and taking into account that the MACD line is already approaching it, the price will go under this indicator line simultaneously with the level. A signal will be formed to start moving to the first target at 125.11 (March 28 high).
