Yesterday's heightened volatility in USD/JPY failed to change the bearish sentiment—the candle body never closed above the balance line. This morning's decline nearly engulfed yesterday's white candle.
The price is attempting to move back below the support range of 145.08/91, aiming for a test of 143.45. Beyond that, the next target would be 141.70, corresponding to the lows of December 2023, August, and September 2024.
On the daily chart, the Marlin oscillator's signal line turns downward for the second time from the zero line. This likely indicates a continuation of the downtrend.
On the 4-hour chart, the MACD line has acted as strong resistance to upward movement. The price has dropped below the balance line, although Marlin remains optimistic. We expect the market to cool and the price to return into the 145.08/91 range.
