This morning, the USD/JPY pair reached the bearish target level set by the opening on June 17 (the target zone is marked on the chart with a gray rectangle) and the embedded line of the monthly timeframe price channel (132.07).

A correction is possible from this support today, but in the future, an attempt to overcome the level of 132.07 is most likely to be repeated in order to further move towards the target of 129.32, also determined by the embedded line of the price channel. In the future, it is possible to reach the target of 126.30 or slightly below it. The level itself is determined by the May 24 low, and below it is another embedded price channel line.

The downward trend looks strong on the 4-hour chart, but the Marlin Oscillator has slowed down in its downward move. It is likely that it will set a corrective momentum for the price, and by this time it will be discharged from the weak oversold zone in order to continue the decline with renewed vigor....