The USD/JPY pair attempted to break above the 149.38 level over the past two days, but instead, a slight double divergence formed with the Marlin oscillator on the daily chart. Currently, the price is attempting to develop a decline below the 149.38 level.

If our assumption about a significant reversal in the stock market is correct, the pair will move towards the target range of 139.70-140.27. For now, the nearest target is 147.22. Consolidating below this level will open the target at the MACD line (144.33), which is getting closer to the second target of 143.60.

The price has consolidated below the MACD line and the 149.38 level on the four-hour chart. It now just needs to consolidate below the balance line. The Marlin oscillator has settled below the boundary of the downtrend territory. The nearest target, 147.22, is nearly within reach.