The Japanese yen made a significant move yesterday, falling more than two figures from the day's high to the close. The powerful wave of yen strengthening continues today, starting from the Pacific session.
Currently, the price is breaking through the point where the indicator MACD line coincides with the target support at 143.45. The Marlin oscillator is moving into negative territory, joining the move at the right time. A move below the support will open the first target at 141.70. After that, we expect the movement to continue towards the target of 139.59—the low of September 2024.
On the four-hour chart, yesterday's reversal occurred at the 61.8% Fibonacci retracement level, coinciding with the peak of May 16.
This morning, the price reached the 23.6% Fibonacci level and the target support at 143.45. Since the price has already consolidated below the MACD line and the Marlin oscillator has entered negative territory, we are waiting for the price to consolidate below the reached level. Once that happens, the target at 141.70 will open.
