Falling stock markets, as we expected in the previous review, are gaining momentum. The US stock index S&P 500 collapsed by 2.77% on Friday, and in today's Asian session the Japanese Nikkei 225 is losing 1.77%.

The reversal divergence is getting stronger on the daily chart of the USD/JPY pair. We expect the pair to fall further under pressure from external markets and technical factors. The first target in such a downside scenario at 125.11 is a embedded price channel line coinciding with the March 28 high.

On the four-hour chart, the Marlin Oscillator has formed a consolidation along the zero neutral line. A qualitative breakdown of the growing trend with the beginning of the medium-term decline will be the price leaving under 127.46 – under the April 20 low. The MACD indicator line has already approached this level, which increases the significance of the level itself.