The EUR/JPY pair has fallen sharply from the upper boundary of the price channel, almost at the same time as the Marlin oscillator entered negative territory (daily chart). Yesterday, the price rebounded from the balance line support.

The price now appears to be preparing for another attempt to break through the 169.30 support level, which is reinforced by the MACD line (blue moving average). A break below this support opens the way toward the target range of 165.70–166.05 — the goal based on the nearest embedded line of the price channel.

In the four-hour timeframe, yesterday's upward movement was stopped by the MACD line and the balance line. The Marlin oscillator entered positive territory and is now waiting for the right moment to dive downward and signal a price drop. Visually, this signal could align with the price falling below the key level of 171.32 (the lows from July 22 and 23).