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Late last week, the Bank of Japan data suggested Japan may have spent up to 3.57 trillion yen in its most recent intervention in the foreign exchange market. On Friday, the price settled below the Kijun-sen indicator line on the day chart. The Marlin oscillator has consolidated in the downtrend territory.
The dollar could reach 155.75, but the price is still above the balance line (the red moving average line). A drop below this mark will bring back a stable decline, but for now, the market needs to cool down a bit and consolidate at the current levels.
The price and the oscillator have formed a convergence on the 4-hour chart. This is likely the technical reason for today's consolidation, especially since it is a national holiday in Japan. If the price breaks Friday's low of 157.39, it will fuel the bears to further move towards the target level of 155.75.
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