Forecast for USD/JPY on November 16, 2021

The USD/JPY pair continues to grow slowly in the range of uncertainty and a sideways trend of 113.16-114.46. The price is now close to the upper border of this range and its crossing above 114.46 will open the way of growth to the target range of 115.80-116.15, which is set by the January 2015 low.

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At the moment, we also see the potential for a reversal of the signal line of the Marlin Oscillator from its zero line after a double touch - these points are marked with arrows.

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On the four-hour chart, there is a prospect of the formation of price divergence with an oscillator. If the price continues to rise, the divergence will not take place. Thus, the key moment in this situation for the yen is the price breaking through the key resistance at 114.46.

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

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