On Wednesday, the USD/JPY pair stayed in the range of the embedded price channel lines of 138.55-139.84, making an attempt to break above the resistance. This morning prices are trying to overcome 139.84 for the second time. Settling above the level opens the 141.76 target. Settling above 141.76 casts doubt on the price's ability to return to current levels.
Settling under 138.55 will open the nearest target at 137.00. Let's look at the priorities on a smaller chart.
The Marlin Oscillator has gone into the positive area on the four-hour chart - into the growth area, which gives an advantage to the rising scenario.
The price will most likely reach the target level of 141.76, which the MACD line has already reached from above and strengthened. From the level, we are waiting for a price reversal to the downside. If the price settling in the 138.55-139.84 range is delayed, the Marlin Oscillator will return to the negative area, and then a decline may develop without an exit above 139.84 (or slightly higher, following yesterday's example).
