USD/JPY
Yesterday, Japan's Prime Minister, who is also the head of the ruling Liberal Democratic Party (LDP), Shigeru Ishiba, announced his intention to resign. Along with him, three more senior LDP figures, including Finance Minister S. Suzuki, decided to step down. Coincidentally, the US Dollar Index strengthened by 0.67% yesterday, resulting in the yen dropping by 0.95%.
On the weekly chart, the price has reached the MACD line while the Marlin oscillator has turned upward. Consolidating above this line could lead to a medium- or even long-term rise of the dollar against the yen. The first target on the weekly chart is 151.22—the March high (a checkmark), which coincides with an embedded price channel line. Breaking above this level opens the target at 157.62, also based on the channel line.
On the daily chart, the price has approached the target level of 149.38. Since the price is encountering resistance on both timeframes, a minor pullback or consolidation below 149.38 is possible. Holding above this level opens the target range of 151.70–152.10.
A breakout above resistance without a pause is also possible, as the Marlin oscillator is already firmly in positive territory.
On the H4 chart, the price continues to rise after bouncing off the balance line (arrow). The Marlin oscillator is also rising. It will enter the overbought zone roughly when the price reaches the target range of 151.70–152.10.
