The yen is in no hurry to strengthen (decline on the chart), since the situation on the stock markets has been mixed since Friday. The price is still developing below the line of the descending price channel on the daily chart, while the Marlin oscillator is growing weakly, the probability of a succeeding price fall remain, the target is 103.75. Getting the price to settle above Friday's high of 104.95 and automatically going beyond the price channel line will become a condition for further growth towards the MACD line at 105.55.
The price is also under pressure from all indicators on the four-hour chart. There is a possibility that Marlin would enter the zone of positive values, but if this happens without the price settling above 104.95, then the signal will be weak and false. Also, the price needs to overcome the resistance of the MACD line in the 105.22 area. It will be difficult for the pair to rise. The first sign that the price would succeedingly fall is if the price moves below Friday's low of 104.56.
The material has been provided by InstaForex Company - www.instaforex.com