The USD/JPY pair is showing a strong upward trend. After rebounding from the support level at 146.29, the price is now heading toward the nearest target at 149.38. This movement is supported by the Marlin oscillator, which has turned upward from the zero line.
The oscillator shows potential for significant growth ahead, which makes the main target for the pair the nearest embedded price channel line at 151.87—a level that coincides with the support seen on May 3, 2024, and July 25, 2024. The MACD line has also turned upward, indicating the direction of the medium- and long-term trend.
On the four-hour chart, the attempt to push the price below the 146.29 level failed—similar to the situation on July 10 (highlighted by the gray rectangle). This time, however, the price rise is being reinforced by a steadily climbing Marlin oscillator, which has already settled in positive territory. The next task for the price is to consolidate above the MACD line, above the 147.96 mark, which coincides with the July 22 peak. This would open the path to the 149.38 target.
