Yesterday, USD/JPY failed to consolidate above the target level of 148.66, but this morning it's making another attempt. A successful consolidation above this level would pave the way for further growth toward 151.30 — the upper boundary of a hypothetical price channel.
In this case, the upward movement would appear complete in corrective terms. The Marlin oscillator is in positive territory and has strong upside potential, which could push the price above 151.30.For a reversal of the local uptrend, the price would need to consolidate below 146.11. If that happens, it may then attempt to settle below 143.77.
On the four-hour chart, the price is rising above the balance line indicator. Yesterday's lower shadow pierced the line but did not break the upward trend. The only weak point remains the Marlin oscillator, which still can't move away from the zero line. We're now watching for a firm consolidation above the 148.66 resistance level, or alternatively, a break below yesterday's low if the price follows a different scenario.
