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The USD/JPY pair enthusiastically responded to the risky play on Japan's stock market (Nikkei 225 rose by 1.86% this morning) following the ruling Liberal Democratic Party's "near failure" in Saturday's election. The question of Japan's next prime minister remains open until coalition agreements are finalized.
The pair began the day with a gap up, hitting resistance at 153.60. A consolidation above this level could fuel further growth towards 156.79, with a potential reversal afterward to close today's gap. However, if a significant breakout does not occur—as early signs suggest—the price may reverse from the current levels to close the gap, serving as a "clean-up" before the U.S. elections. The Marlin oscillator moves sideways, maintaining a neutral stance but with a possible upward bias.
On the H4 chart, Marlin's signal line surged sharply after three reversals from the zero line. However, this swift ascent has resulted in the formation of convergence. Should the price consolidate below 153.60, it would signal an intent to close the gap, potentially bringing the pair down to 151.80, the support level near the MACD line.
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