USD/JPY

After two days of consolidation, the USD/JPY pair has exited the target range of 151.70–152.10 and is now, in our view, heading toward the closure of the price gap left on October 6. Along this path, the pair faces two key support levels: 150.50, represented by the MACD line, and 149.38, a target level marked by the peak from July 16.

Once the gap is closed, the price may complete the current downward leg within the 146.29–146.59 target range — a strong support zone formed during three months of consolidation. The Marlin oscillator is leading price action lower, providing a strong indication of the market's current bearish direction.

On the four-hour chart, the price has firmly broken below the 151.70–152.10 range and beneath the MACD line. The Marlin oscillator is declining within bearish territory. We anticipate the pair will reach the target support around 149.19.