Following Friday's 1.97% drop in the S&P 500 index, the USD/JPY pair fell by 120 pips. This morning, the Japanese Nikkei 225 index is down 3.85%, and USD/JPY is losing another 80 pips.
The 149.38 support has been breached, opening the target range of 145.08/91, with the lower boundary defined by the June 2023 high.
On the four-hour chart, the price has consolidated below the 149.38 level in both indicator lines. The Marlin oscillator is diving deeper into negative territory, reinforcing the bearish trend.
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