Forecast for USD/JPY on November 5, 2021

On the part of external markets, a very favorable situation for growth has developed for the USD/JPY pair: stock indices set new historical records every day, the dollar index has outlined at least a short-term strengthening - yesterday's growth of the index was 0.50% and it approached the high of October 12...

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But so far the price is weakly reacting to these external events, preferring to look around more closely in the neutral range 113.13-114.46, in which it has been since mid-October. The probability of the support price at 113.13, which is the embedded line of the price channel of the higher timeframe, is going down. A signal for confident growth will be the price crossing the level of 114.46 - the high on November 1. The upside target is the 115.80-116.15 range defined by the August 2015 low and the January 2015 low.

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On the four-hour chart, the situation for the pair is downward - the price is below the balance (red) and MACD (blue) indicator lines, the Marlin Oscillator is in the negative zone. But the price and the oscillator show an intention to turn up. A price crossing above the MACD line, above 113.95, will mean the success of this attempt and an early reversal signal.

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

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