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After Friday's unsuccessful attempt to break downwards, this morning the price went up, along the path of lower resistance, towards the target of 154.25. The Marlin oscillator is gradually rising. It's likely that after reaching the target, the pair will turn downwards. This may be because investors are turning to the yen as a safe haven asset amidst a declining stock market, as well as a decrease in interest in carry trade operations.
Slightly above the level of 154.25 is the embedded line of the global rising price channel (154.50), so it's more accurate to define the target as the range of 154.25/50. If the price manages to consolidate above this range, the pair will stop falling for a while.
On the 4-hour chart, the price is rising above the balance and MACD indicator lines, and the Marlin oscillator aims to enter the overbought zone. Regardless of whether the price reaches the target level of 154.25 or not, a reversal signal for the correction will be the price settling below the MACD line, below the mark of 152.96.
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