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The USD/JPY pair is still not set for a correction. Perhaps it would have happened if the stock market had continued to "shake out", but yesterday the stock indices closed mixed, which showed a more tenacious expectation of the Federal Reserve meeting next week than is observed in the currency market. Now the scenario may be different: the first target 129.83 is reached and a reversal into a deep correction, or a higher growth - to the embedded line of the price channel of the blue weekly timeframe, to the 131.15 level, after which a strong correction may occur.
The signal line of the Marlin Oscillator is still developing in its own descending channel, so there can also be a double interpretation of the current situation. The main scenario assumes continued growth to 129.83.
The price is above the balance and MACD indicator lines on the four-hour scale, Marlin is in the growth zone, this all speaks in favor of the main scenario, but if the price manages to settle under the MACD line, below 128.15, then we are waiting for further sideways movement until the Fed meeting on May 4 .
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