Forecast for USD/JPY on November 11, 2021

Due to yesterday's growth of the dollar index by 0.98%, the USD/JPY pair rose by 103 points and is visually ready to continue moving to the previously set target range of 115.80-116.15. But the signal will take place only when the price breaks above the high on November 1 at 114.46.

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If this does not happen, then the price will restore the downward trend in order to reach the MACD line (approximately at around 112.20). The signal line of the Marlin Oscillator has not yet left the bears' territory, it may be turning downwards from the zero neutral line.

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On the four-hour chart, the price has settled above both indicator lines - the balance line (red) and the MACD line (blue), the Marlin Oscillator is in the growth zone. There are no formal reversal signs here, but the leading time frame at the moment is the daily one, so we are waiting for the development of events.

The material has been provided by InstaForex Company - www.instaforex.com

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