Over the past two days, the EUR/JPY pair has been pressing against the target support at 171.32 (the July 22 low). The Marlin oscillator is actively supporting this move, helping the price to consolidate below this level.

The support is reinforced by the MACD line, making it strong; therefore, a consolidation below it will open the way toward 169.30. With the highest probability, this level will be broken after a minor correction, opening the target range of 165.70–166.05, which is very close to the embedded line of the price channel.

On the four-hour chart, the price has consolidated below the MACD line, and the Marlin oscillator is also strongly assisting the price in building on its success. We are waiting for the price to consolidate below 171.32 and monitoring further developments.