Forecast for USD/JPY on November 25, 2020

USD/JPY

Yesterday, the USD/JPY pair traded in a 60-point range, closing the day with a 6-point decline. This is how the yen reacted to the euro's growth, probably expecting more balanced decisions from them. But the stock markets have been growing for about two weeks, the S&P 500 is aiming for 3712.00 and the yen, if the euro is neutral, or even more so if it weakens, will reach the 105.90 target along the line of the descending price channel.

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There are two strong resistances in front of the price on the daily chart: the nearest price channel line (104.66) and the MACD line (104.87). Exit above the latter opens the way to 105.90. The Marlin oscillator has moved to the upper half of the range - to rise further, which increases the likelihood of a breakout of these resistances.

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The four-hour chart shows that the technical situation confirms the market's growing sentiment. The price settled above the MACD line, it turned around from its support when the session opened, the signal line of the Marlin oscillator is in the zone of positive values. The probability of final growth is 70%.

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