Yesterday the USD/JPY pair fell by 65 points, but did not dare to attack the support of the nearest price channel line. In today's Asian session, the price is trying to grow, and it is not yet clear how serious its intention is to go above the resistance of the upper embedded line of the price channel in the area of 137.80. Resistance is strengthened by the MACD indicator line.
The price is held within the range of these parallel lines. It could leave this area by today or Monday if Federal Reserve Chairman Jerome Powell's speech at Jackson Hole is fresh, upbeat and stimulating.
The decline of the Marlin Oscillator has a stable trendy look on the four-hour chart, so the price transition under the price channel line at the level of 136.10 and the MACD line reinforcing it has a good chance of realization. In this case, the 134.40 target will be open - an embedded line of the price channel on the daily chart.
