The USD/JPY pair managed to deepen the correction to the 76.4% level, afterwards the price consolidated above the MACD indicator line on the four-hour chart and tested the 50% Fibonacci level.
In order to fuel the growth potential, it is necessary to overcome the lows of April 4 and March 30, which coincide with the 38.2% Fibonacci level. Settling below the MACD line (131.47) will allow the price to attack the key supports of 130.66 and 130.30 again.
The current uncertainty may be resolved after the release of today's U.S. labor report.
On the daily chart, the price reversed up from the MACD line on Wednesday. The Marlin oscillator is slowly rising, which makes things difficult for the price. The situation will become easier once it crosses the resistance level, which was shown on the four-hour chart. The 134.28 target, determined by the embedded price channel line on the monthly chart, will become available for testing once the price reaches the level.
