Forecast for USD/JPY on November 24, 2020
The yen weakened under the general strengthening of the US dollar on Monday, the USD/JPY pair closed the day by gaining 66 points. The embedded price channel line at 104.66 was reached. Leaving the area above it will create a prerequisite for breaking the MACD line on the daily chart (104.88), and only if the price starts to rise with the 105.90 target along the overlying embedded price channel line. The signal line of the Marlin oscillator has entered the positive trend zone, this may be sufficient to make an attempt to break through the linear resistance.
The four-hour chart shows that the price has settled above the MACD indicator line. The Marlin oscillator is in a growing position.
If the price does not return to the area under the MACD line before the evening, below 104.35 to be more specific, then we can reach the 104.88 target with the risk of going beyond it. Getting the price to settle below 104.35 may pull down the quote to the important record level of 104.05, and falling under it will bring the mood back to moving towards 103.18.
The material has been provided by InstaForex Company – www.instaforex.com