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USD/JPY
The technical picture on Monday may shape future developments in the medium term. The week began with a gap up, followed by the formation of a long upper shadow. The daily close occurred exactly at the support level of 146.11, thereby closing the gap.
Today's trading also opened exactly at the same level, and the candle is already black in the early hours of trading. This defines Monday's movement as false, thus creating a strong bearish signal, with a potential breakdown of the 143.45 support and a subsequent decline toward the MACD line, which coincides with the target level of 141.70. The Marlin oscillator has turned downward. Its return to negative territory will add additional pressure on the price.
In the H4 timeframe, the price has consolidated below the 146.11 level, making it easier to settle below the MACD line eventually.
A break below 145.48—the June 11 high—will serve as confirmation. The Marlin oscillator appears to be fixed in bearish territory and has joined the new downward movement.
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