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The USD/JPY currency pair has reached a support level at 151.30 and is starting to reverse upward from this point. The Marlin oscillator indicates a bullish trend, showing signs of making a new attempt to reach the zero line. However, this boundary may not be breached while the price remains within the current channel. Therefore, we anticipate that the oscillator's signal line will eventually break downwards out of the channel.
In this scenario, the price might first test the upper boundary of the range at 154.56 before declining to 149.38. If the price consolidates below the 151.30 support level, we can expect a direct decline to 149.38 without a prior increase of 270 pips.
On the four-hour chart, the price is approaching the MACD line at 152.57. If it consolidates above this level, the price could continue rising toward 154.56. Additionally, the MACD line may be supported by the Marlin oscillator. If the oscillator's signal line fails to enter positive territory, the price will likely struggle to cross the MACD line and will attempt to push through the 151.30 support level once again.
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