Yesterday, the USD/JPY showed a very significant rise from its low point (about 280 points), and this move looks like a correction from the previous four-day decline. But the price did not reach any technical support in this fall, reacting only to the fundamental facts - Nancy Pelosi's visit to Taiwan. As a result, we are waiting for the completion of the current correction and the resumption of the decline to technical support in the region of 129.40 - to the embedded line of the price channel of the higher timeframe.
At the moment, the price is approaching the resistance 134.22, which is also set by the price channel line. The resistance may be slightly covered by the price. The Marlin Oscillator is growing, and in the current situation it looks like the oscillator is depleting before further decline - deepening into the oversold zone.
The situation develops without violations of the technical functionality on the four-hour chart. A sharp rise in the oscillator only means that this growth will soon turn into a fall. The price may turn down either from the target level of 34.22, or from the resistance of the MACD line in the area of 135.10. And consolidating the price above the MACD line can extend the growth to the target level of 136.00.
