USD/JPY
The Bank of Japan's intervention on October 3rd didn't significantly impact the US dollar. The pair consolidated above the level of 148.50 from October 5th to the 11th, and now, starting from the 13th, it is consolidating below the 150.00 level with a clear intention to overcome it and reach the price channel line around 150.40. The pair will likely surpass this resistance level, and then it will reach the target resistance level at 151.95. The Japanese central bank's new intervention may be the only thing that could hinder this plan.
The Marlin oscillator's signal line is moving along the zero line. This likely indicates the Marlin oscillator's consolidation before a bullish breakout. However, simultaneously, Marlin is forming a descending channel, and a bullish breakout may not follow. An alternative scenario could unfold, but for that to happen, the price would need to overcome the 148.08 support level, which is the price channel line and the MACD indicator line.
On the 4-hour chart, the price is consolidating above the balance and MACD indicator lines. The Marlin oscillator shows a tendency to turn when approaching the zero line. A bullish bias on this timeframe. We are waiting for the price to overcome the nearest resistance level at 150.00.
