The USD/JPY pair has spent the past week in a complicated, confusing game with false moves in both directions. The most recent of these was a deep false breakout below the 146.29 support level with Wednesday's lower shadow.

Now, the price will attempt to break through and consolidate above the daily-scale MACD line (148.28). If successful, the price could climb above the first target level at 149.38 and continue rising into the target range of 151.70–152.10. The Marlin oscillator has established itself in bullish territory, joining this main upward scenario for the pair.

On the four-hour chart, the Marlin oscillator is moving sideways. This is a sign of an impending consolidation below the 148.28 level before an expected breakout. The lower boundary of this consolidation is marked by the MACD line around 147.44.