The yen has finally determined its medium-term direction after spending half a month in consolidation. Yesterday's impulsive rise of the pair by more than 100 pips pushed it to test the target level of 149.38 (the peak of August 15, 2024).
A consolidation above this level will open the target range of 151.70–152.10, and afterward, the price may reach the embedded line of the ascending price channel near 153.07. The Marlin oscillator on the daily scale has entered positive territory. The situation is now fully bullish.
On the four-hour chart, the price rally began immediately after a false breakout of the MACD line (blue square). Now the MACD line itself has turned upward, indicating a shift in both short- and medium-term trends.
