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On Friday, the yen reached the descending green price channel line, which it had been approaching for the past two months. Although there are some weak indications of a potential reversal, there are no clear signs as of yet.
The primary scenario suggests that the price will consolidate below Friday's low of 146.97 and continue its decline toward the key level of 144.75, with the first target set at 145.91. On the four-hour chart, after breaking below 146.97, a convergence with the Marlin oscillator may form.
In this scenario, a correction toward the MACD line, around 148.30, is possible. However, the likelihood of convergence is low, so if consolidation occurs below this level, it would likely lead to further declines toward 145.91.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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