USD/JPY
The yen supported the dollar's strength from yesterday and, after breaking through the target resistance at 142.70 and the 23.6% corrective level, almost reached the target at 143.90. This morning, the USD/JPY pair made a retest of the Fibonacci support level and continued to rise.
We consider this as a correction, so once it ends, we expect the price to drop below the 140.35 level.
Currently, the price has three targets: 143.90, 144.72 (Fibonacci 38.2% level), and 145.08 (June 2023 high). The signal line of the Marlin oscillator has just crossed the neutral zero level, and there is a risk of returning to the bearish territory. In general, the range between 142.70 and 143.90 can be considered a neutral point. Perhaps the price is simply waiting for today's US data on new private sector jobs, or maybe it's waiting for Friday's US unemployment data. Returning below 142.70 will open up the nearest support at 141.23.
On the 4-hour chart, the price is rising above the balance and MACD indicator lines, but the Marlin oscillator shows an intention to turn down. The momentum is becoming weaker, so we are waiting for further developments.
