For the last 24 hours, the USD/JPY pair has been under pressure from both the dollar index and the depressed state of the stock markets. The price lingered at the signal-target level of 115.07, consolidating below which will give new optimism to the bears to move up to the long-standing target of 113.36 - to the line of the price channel of the monthly timeframe. The price is below the MACD indicator line, the Marlin Oscillator is in the negative area - in the zone of a downward trend.
Overcoming yesterday's high (115.77) may change this main downward scenario to a growing one with the first target at 116.35, and then to the line of the price channel of a monthly scale to the 117.20 mark.
On the four-hour chart, the price settled below the MACD line, Marlin entered the territory of the downward trend. We are waiting for the development of the downward movement as the main one.