USD/JPY
The yen has been consolidating within the 149.72-150.79 range for the 8th day. A break above will allow the price to work out the embedded line of the price channel around the 151.58 mark or the target level of 151.95 - the high of November 13th, 2023, which is located above it. We also observed an extended divergence between the price and the Marlin oscillator on the daily chart.
The price can easily break out of the range and fall, below the support of 149.72, and at the same time below the lower boundary of the dashed wedge. Marlin will already be in negative territory. This will open up the possibility of a medium-term decline. If the price continues to rise, a strong target level of 154.25 is already waiting for it, formed by another embedded line of the global price channel and the top of the dashed wedge.
On the 4-hour chart, the price has settled above the balance and MACD indicator lines. The Marlin oscillator is clearly experiencing difficulties with growth. In case the price falls below the MACD line (150.22), Marlin will be in a downtrend territory, and the nearest target of 149.72 will open up. Consolidation below it will allow the pair to fall to 148.82. If the price settles above 150.79, then it may reach the target of 151.58 soon.
