USD/JPY Forecast for November 5, 2020

USD/JPY

Today, the USD/JPY pair worked out the Kruzenshtern line as the upper shadow on the daily scale chart and went down strongly. This morning, the decline continues with the help of the falling Marlin oscillator. Leaving the price under the signal target level of 104.20 will allow the price to take the lower target of 103.73 and fixing under it will open the target of 102.45. To restore the growth, the price needs to gain a foothold on the trend line above 104.78. The first goal will be the top of yesterday's 105.35. Furthermore, with strong optimism in the stock markets, the growth may continue to go up to 106.03.

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Based on the four-hour chart, the price went under the Kruzenshtern line and the Marlin oscillator is actively falling. The main option is a scenario with the price overcoming the level of 104.20 and developing a further downward trend movement.

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