USD/JPY
Yesterday, the Japanese yen showed significant volatility (a range of over 250 pips) and closed the day with a black candlestick. The upper limit was defined by the daily balance indicator line, while support was provided by both the target level at 139.05 and the price channel line (blue). This morning, the price tested the support levels again, and the Marlin oscillator is falling, aiding the price in this challenging process.
If the price manages to stay below 139.05, the next target will be 137.85. Consolidating below that level opens up a distant target at 135.30, which is also the intersection area of the level and the embedded price channel line.
To resume growth, the price must first consolidate within the range of 140.35/93, and then break above it. The target for the bullish move would be 142.82.
On the four-hour chart, the price is trying to break above the MACD line and the 139.05 level. The signal line of the Marlin oscillator is falling in its own descending channel, indicating a good probability of success for the bears.
