In today's Asian session, the yen has fully worked out the entire target range of 119.53/95. Despite a slight decline in stock indices yesterday (Dow Jones -0.58%, S&P 500 -0.04%), the dollar had enough energy to overcome this negative. Most likely, the dollar will be able to work out the nearest target of 121.70 before the pressure of the stock markets weighs on the USD/JPY pair with all its weight. The Marlin Oscillator is growing on the daily chart, deepening into the overbought zone, from where a sharp downward reversal is likely later.
The signal line of the Marlin Oscillator reversed upwards from the zero line on the four-hour chart. The growing trend is supported by technical indicators. The trend will change when the price settles under the MACD indicator line, below 118.55 (if, of course, the price reverses from the current levels). If the growth continues, then the MACD line will rise along with it.