USD/JPY Forecast for November 4, 2020

USD/JPY

On Tuesday, the USD/JPY pair fell by 26 points despite the growth of stock indexes. The S&P500 added 1.78%. Today in the Asian session, the Nikkei225 is up 1.52%, but the Australian S&P/ASX 200 is losing -0.54% and Chinese stock indexes are trading mixed. It is best to wait for the opening of the American session so that they can give a more objective assessment of the vote taking place in the United States.

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This morning, the price broke through the resistance of the price channel and approached the target level of 104.20 along the Kruzenshtern line. The output above it will open a second target 106.10.

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On the H4 chart, the price has turned sharply from the Kruzenshtern line and the Marlin is rushing to the overbought zone. But we need to wait for the opening of the US session for optimism in the stock market to be confirmed. Biden is also not a bad winner for stock speculators. If this result does not happen, the price will turn back to the target of 103.73.

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