The USD/JPY pair almost reached the target level of 134.25 (or it did reach the level, as there might be graphical distortions when translating the chart from a monthly one), and yesterday it fell by 52 points under the general weakening of the US dollar following the release of the US inflation report.
The signal line of the Marlin oscillator moves along the zero line, not daring to cross into the area of the downtrend. A repeated attempt to break through 134.25 will probably follow, which will open the way to the 135.40 target (the high of July 14, 2022).
On the four-hour chart, a deeper correction is also possible, driven by the divergence between the price and the Marlin oscillator – in case it crosses the MACD line downwards, below the 132.76 mark, the price may continue to fall to the support level of April 10 (132.00).
Regardless of whether the price chooses a deep correction or not, we still have growth as the main scenario. To change it, the price needs to fall below the MACD line on the daily chart, below the low of April 5 at 130.65.