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Yesterday, the USD/JPY pair tried to overcome the resistance of the embedded price channel line (138.88), but the attempt failed due to fluctuations in adjacent currencies at the European Central Bank meeting, which raised the base rate by 0.50%. The dollar was not even supported by the dovish mood of the Bank of Japan, whose meeting was held on the same day and kept the monetary policy unchanged with soft speeches by the head of the central bank, Haruhiko Kuroda.
The pair eventually fell by 90 points and even pierced the support of the nearby line of the price channel (137.55). But in today's Asian session the price returns to the area above 137.55 and is preparing for another attack on the resistance at 138.88. The Marlin Oscillator will help the price, which is turning up from the zero line - from the border with the downward trend area. If the price goes above 138.88, a target opens along the next parallel channel line at 140.70.
The price is settled below the MACD line on the four-hour chart, which creates some difficulties for growth. Also, the Marlin Oscillator has not yet left the downward trend zone. Therefore, a confirming sign of the sufficient strength of the dollar to continue the growth will be the exit of the price above the MACD line, above the level of 138.00. If the growth is suppressed, then the price will be able to recover at the MACD line of the daily scale, at the level of 136.25 (or slightly lower, closer to the price channel line).
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