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On the daily chart, the price has formed a small triangle around the 143.45 level and consolidated below it. Since the nearest target at 141.70 is close, the price now aims for a lower level — 139.59 (the lows from September 30 and August 5 of last year).
Today, Japan released data on core machinery orders for February, showing a 4.3% m/m increase. Chinese data showed a drop in the unemployment rate in March to 5.2% from February's 5.4%, Q1 GDP growth of 1.2% (5.4% y/y), and an increase in industrial production from 5.9% y/y to 7.7% y/y. This data supports the yen's strength.
On the four-hour chart, the signal line of the Marlin oscillator is turning downward from the boundary of the growth area. The balance and Kijun (MACD ) lines are declining, and there are no signs of a reversal. We are waiting for the price to consolidate below 141.70 and continue its downward move.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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