On Monday, the USD/JPY pair dropped 177 pips, breaking the support of the embedded price channel line at 134.05. As a result, the price was in a suspended state between this resistance of the trend line and the nearest support of the MACD line (131.10).
If the price does not return above 134.05, by today or tomorrow, it might fall to 131.10. The signal line of the Marlin oscillator shows an intention to turn up, but it is still in the red, so hopes for further growth are based only on the fact that yesterday's decline below support was a false breakout.
On the four-hour chart, the bulls' situation is not much better. Marlin turned up, but is still in the red. The price seems to be optimistic and it might overcome the resistance of 134.05. Such a quick return shows that the previous decline was false. We are waiting for the development of events.
