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USD/JPY
Yesterday, the price formed a long lower shadow with support at 109.80 on the daily chart. The MACD indicator line limited growth.
The Marlin oscillator did not react to price growth, and this morning it continues its slow decline. The price is most likely to resume its decline with another attempt to surpass the target level of 109.80. If successful, we expect a succeeding decline to the target level of 109.20 - to the June low.
A short rise in the price to the embedded line of the price channel to the level of 110.50 is possible.
On the four-hour scale, the obstacle to a reversal is the MACD line at 110.12. We can only count on implementing the downward scenario if the price overcomes this, even if it is the main one.
In general, the range from the MACD line (110.12) to the daily price channel line (110.50) is an area of uncertainty for the price. The exit above 110.50 formally opens the target at 111.39, but a reversal along this path can take place at any moment and the price will head into a medium-term decline.
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