USD/JPY

The dollar is experiencing difficulties in its confrontation with the yen, it fails to develop an offensive, and it may not achieve the 110.47 target. The reason for this is the precarious state of the stock market. Yesterday, the Dow Jones fell 0.09%, the S&P 500 gained 0.02%, and the Japanese Nikkei 225 is losing 0.22% today.

Consolidating below 109.20 opens the target at 108.35 (May 7 low). At the same time, the Marlin oscillator will also shift to the negative area. But as long as the price does not fall under the level of 109.20, the main scenario is the pair's growth in the area where two lines of the price channels intersect, to the level of 110.47.

The price is below the indicator lines on the four-hour chart, the Marlin oscillator is in the negative area, all the prerequisites for moving the price deeper down are ready.