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The USD/JPY pair stopped rising at the intermediate resistance on the way to the target of 147.10. The resistance area is set by the range of Fibonacci levels of 261.8 and 271.0% (shown on H4). The weakening of the yen was stopped by verbal interventions by Finance Minister Shunichi Suzuki and increased purchases of government bonds by the Bank of Japan.
The Marlin Oscillator on the daily chart is reversing from the overbought zone, which in turn confirms the price reversal. We are waiting for the pair at the nearest support of 141.13. Going under it will open the second target at 139.13. We do not expect a price increase to 147.10.
The price has consolidated below the Fibonacci level of 261.8% on the H4 chart, the Marlin Oscillator is about to go into the zone of negative values, after which it will increase pressure on the price. The support of the Fibonacci level of 238.2% is important, slightly below which (142.55) is the MACD line. Overcoming the MACD line will intensify the fall in prices.
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