Amid yesterday's worries both in Forex and other financial markets, the USD/JPY pair, with a trading range of 292 points, closed the day with a decline of 95 points. On the daily chart, the price failed to settle below the balance indicator line (red arrows) for the second time.
This morning, the price is also struggling with this support. The signal line of the Marlin oscillator is falling and is in the red, which slightly increases the chances of overcoming the difficult support. If the price breaks through 132.30 and 132.23 (March 13 and 15 lows), it could reach the MACD line around the 130.95 mark. It could fall even deeper to the linear support at 130.35.
If the bulls prevail in the current situation, the price will try to move above the resistance of 134.05 and consolidate above it.
On the four-hour chart, there is a price convergence with the Marlin oscillator, it isn't strong but its potential may be enough to resist the bears in the current downward situation. The key point will be the price's behavior at 134.05.
