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Yesterday, the USD/JPY pair reversed from the local resistance at 153.28. A new medium-term target was likely set on October 10, as the price did not reach the 154.00 target.
The reversal occurred under the influence of a divergence on the daily scale. To solidify a medium-term movement, the price needs to establish itself below the target range of 151.70-152.10. The MACD line is located just below this range. Breaching 151.70 becomes strategically significant, as bears are considering advancing in the medium term.
On the four-hour chart, the price's drop below the MACD line coincided with the Marlin oscillator moving into a downtrend territory. This indicates a rapid price entry into the 151.70-152.10 range. After a consolidation within this range and a subsequent downward breakout, the intermediate target at 150.92 (the peak from August 1) would open up, and breaching this level would lead to the target of 149.19 – the peaks from September 3 and July 16.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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