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On Friday, the USD/JPY pair bounced off the MACD line's support, indicating a correction after a two-day decline. The Marlin oscillator's signal line reversed downward from the neutral zero line, suggesting that the corrective growth may be coming to an end.
If the price breaks below the MACD line at 155.10, the first target will be 153.20, followed by a potential test of the support at 151.30. On the H4 chart, the Marlin oscillator is also turning downward from the zero line. This alignment with the longer timeframe adds to the likelihood of further price declines.
Currently, the price is trying to break below the support level at 156.04. A consolidation below this level could occur around the time of Donald Trump's inauguration. The next anticipated target would be 155.10.
Important Note: This year's presidential inauguration coincides with Martin Luther King Jr. Day, a national holiday in the U.S., which may limit market activity. Significant movements are expected to resume the following day.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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