On Friday, the yen made its way to strengthening from peak to peak of 575 points after an emergency intervention by the Bank of Japan. But the BOJ can also be understood, since in the morning the yen lost 2 figures and showed an extreme of almost 152 yen per dollar, having overcome the 1998 peak (147.71).
This morning the price is tearing up again, having reached the range of two price channel lines at 145.55-150.00. But now we are waiting for the market to cool down, the price will initially fall below 147.50, then to 145.55. The technical reason for this is a divergence forming with the Marlin Oscillator on a daily time scale. The signal line of the oscillator is currently experiencing resistance to falling from its own zero line. In the near future, we expect the oscillator to move into the territory of a downward trend.
The price consolidated below the MACD line on the four-hour chart, and the Marlin Oscillator also firmly settled in negative territory. We are waiting for the price to return under 147.50 and further advance to 145.55.
