USD/JPY
On Friday, the USD/JPY pair tried to break above the resistance at 148.35, but it seems that this attempt was a false move because the closing price (for the second consecutive day) ended up below this level. This morning, the price continues to fall. The Marlin oscillator is supporting this downward move, indicating a firm reversal.
The nearest target for this movement is the level of 146.24, where the balance line and MACD line are located. Settling below this support level will be a key condition for a medium-term decline in the pair.
In the previous review we made for the yen on the 18th, we mentioned that "perhaps the pair's decline will not be as rapid (forming a triangle) to allow the MACD line to approach the price."
Indeed, the price consolidated below 148.35 for two days to wait for the indicator line to approach, and this morning, it broke downward. The support of the MACD line is at the level of 147.28. Overcoming it will open the nearest bearish target. If the bears succeed, the price will continue to fall towards 144.95. The signal line of the Marlin oscillator has already entered negative territory, confirming the price's intention to intensify the decline.
