Forecast for USD/JPY on November 19, 2021

The USD/JPY currency pair rose a bit yesterday, which made it a little embarrassing to understand the current situation. But despite this, the technical picture and the indicators' readings keep the pair's downward mood. On the daily scale chart, the price divergence with the oscillator started working, Marlin is in the negative area. The main scenario for further development is, at least, working off support at 113.20 - the embedded line of the price channel of the higher timeframe. Slightly below it is the MACD line, the price movement under which will entail its further fall to 110.75. Obviously, breaking the high of the 17th figure at 114.98 will open the target range of 115.80-116.15.

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On the four-hour chart, the price is consolidating above the balance indicator line (red), which supports the pair's growing potential. But the signal line of the Marlin Oscillator is in no hurry to go into the positive area.

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There is a possibility that the technical situation on the daily timeframe will turn out to be stronger, the price will receive additional pressure and be able to overcome the support of the MACD line in the region of the 113.86 price. As soon as this happens, the nearest target at 113.20 will open. We are waiting for the development of events.

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

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