Forecast for USD/JPY on November 12, 2021

The USD/JPY pair continues its slow growth under the continuing pressure from the US dollar. Consolidating above the target level of 114.46 - above the November 1 high, opens the way for the price to the target range of 115.80-116.15. Until this moment, the price can reverse downward, which is indicated to us, as a scenario, by the Marlin Oscillator, which is unfolding downward from the border of the growth area. The target of the decline will be the MACD line, around 112.20.

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On the four-hour chart, the Marlin Oscillator has formed a sideways trend over the past day and a half. This could be a sign of a downward price reversal. But at the moment the price is still hot, it may continue to rise. The observed uncertainty can be completed in a day or two, and then trading risks will be significantly reduced.

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

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