Forecast for USD/JPY on November 4, 2021

Over the past 20 days, the USD/JPY pair has consolidated in a range of around 100 points below 114.46. This consolidation is now becoming clearer. Accordingly, overcoming the signal level of 114.46 will open the scenario of growth development in the target range of 115.80-116.15. The Marlin Oscillator is in the positive zone and is ready for an upward reversal.

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The alternative option, which has a probability of 35%, implies a decrease in the price towards the support of the embedded price channel line of the higher timeframe to the level of 113.13. Going under the level opens the 111.95 target - the MACD line. The target may not be achieved. That is, the price will turn towards the 114.46 target without reaching the MACD line.

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On the four-hour scale, the price broke above the MACD line, the Marlin Oscillator is in the positive area. We are waiting for the development of the growth of the USD/JPY pair.

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

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