The USD/JPY currency pair creates an internal technical structure for the next upward movement. Yesterday the target level was worked out on the embedded line of the price channel, this morning a slight retreat is planned from the resistance. The retracement low is a complete overlap of yesterday's growth, a support retest at 135.75. Further, growth to the target of 138.65 along the upper line of the channel is likely. If such a deep pullback does not occur, then the target level of 138.65 will be reached in the near future.
The Marlin Oscillator is currently trying to work out the lower boundary of its own wedge, after which, with the highest probability, it will exit the wedge upwards.
The downward correction has no clearly visible supports on the H4 chart. To some extent, the June 29 high (137.00) can take on the role of support, but there are other equally strong supports below this level. A clear sign of a new wave of growth is when the price surpasses yesterday's high at 137.75.
