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The Japanese yen from across the ocean, and with the support of the Bank of Japan, is watching the ups and downs of Europe and stands still for the fourth day. But standing still on the technical side of things means consolidation, and consolidation is a sign of a subsequent strong movement.
We are waiting for such a movement to the target level of 147.30, determined by the line of the price channel of the higher timeframe. The signal to start will be the price exit above the nearest resistance of 145.05.
On the four-hour chart, the price is moving sideways between the MACD indicator line (blue moving line) and the linear resistance at 145.05. The Marlin Oscillator is consolidating at the zero line, but still in the positive area. With the price overcoming the level of 145.05, growth to the target of 147.30 will begin, this plan will break the price consolidating under the MACD line, below the level of 143.85.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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