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USD/JPY
Last Friday there was a strong drop in stock indices: S&P 500 -1.31%, Russell 2000 -2.05%, Stoxx 600 -1.53%. The Nikkei 225 is down 3.16% this morning, while the Australian S&P/ASX 200 is down -1.74%. Perhaps this is already the reversal of the markets into the medium-term decline that began last week.
Under such circumstances, the USD/JPY pair will no longer reach the target level of 111.39, and now it will face a mid-term decline.
The price has settled under the MACD indicator line on the daily chart, the Marlin oscillator is still in the growth zone, but it is decreasing. The bears' first target is 109.80, then 109.20 and 108.35 - lows on May 7 and 11.
The price is already attacking the MACD line at 110.07 on the four-hour scale. Going beyond this support opens the nearest target at 109.80. Successfully moving to the area below it and being able to settle there paves the way to the second target of 109.20 - to the low on June 7.
The price has to do more today than on any day of the last two weeks in order to develop the growth. It needs to break the Friday high at 110.49 in order to rise above the price channel line, which is already difficult to do. But if it is successful, the 111.39 target can be achieved.
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