Yesterday, the Japanese yen slightly strengthened against the backdrop of a general weakening of the US dollar. Stock indices perked up yesterday, although their growth visually looks like a correction. This morning, the Japanese Nikkei 225 is up 0.66%. If the growth still continues, then the USD/JPY pair will be able to take a course again at 117.16 - towards the price channel line.
To do this, the price needs to consolidate above the MACD indicator line, above the level of 115.33. This is our main scenario, it is based on the idea of the continued strengthening of the dollar in the market.
Further deterioration of the dollar position in the fall of the stock markets will send the price to the underlying line of the price channel in the area of 113.30.
On the four-hour chart, the signal line of the Marlin oscillator shows the intention to reverse from the zero neutral line. This, of course, is an insufficient sign of a reversal, especially not yet formed, so we are waiting for the price to settle above the MACD line of the daily scale. Consolidating under yesterday's low (114.94) will send the price to the support of the MACD line in the area of 114.24.