The USD/JPY pair managed to deepen the correction to the 76.4% level, afterwards the price consolidated above the MACD indicator line on the four-hour chart and worked off the Fibonacci level of 50%.
In order to fuel the growth potential, it is necessary to overcome the lows of April 4 and March 30, coinciding with the Fibonacci level of 38.2%. Settling below the MACD line (131.47) will allow the price to attack the key supports of 130.66 and 130.30 again.
The current uncertainty may be resolved after the U.S. labor data is released today.
On the daily chart, the price reversed up from the MACD line on Wednesday. The Marlin oscillator is slowly rising, which makes things difficult for the price. The situation will become easier once it crosses the resistance level, which was shown on the four-hour chart. The 134.28 target, defined by the enclosed price channel line of the monthly chart, will become available once the price reaches the level.
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