USD/JPY
Due to technical divergence, the price continues to fall, approaching the MACD line. Below the line is the target support level of 144.73. Consolidating below this level will allow the price to reach the next target of 143.05. A breakout above 145.90 reveals the next target at 147.66 – the embedded line of the global price channel.
The divergence is not strong. Its effect might end once the price reaches 144.73, and the signal line of the oscillator won't settle in negative territory. Therefore, even if the price falls below the MACD line, it might be a false move.
The four-hour chart shows us a downward movement – the price is below the indicator lines, and Marlin is falling in bearish territory. The release of US labor data may clarify this ambiguous situation.
