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On Friday, the USD/JPY pair followed an alternative scenario. A price reversal occurred at the very last moment — just before the Marlin oscillator entered the downtrend territory. The price has now broken above the target 149.38 and the 23.6% Fibonacci retracement level.
The price is now heading toward the target level of 151.30 — the March 3 high, which coincides with the 38.2% Fibonacci retracement. A breakout above this level would allow the uptrend to continue toward the target range of 153.60–154.56, defined by the MACD line and the June 2024 low. This range also contains the 61.8% Fibonacci retracement. This is now the main scenario.
On the H4 chart, the price has consolidated above the 149.38 target level, and the Marlin oscillator has moved into positive territory. We now expect the price to reach the first target at 151.30.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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