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Forecast for USD/JPY on November 8, 2021

The USD/JPY pair dropped 32 points on Friday, approaching the support of the embedded price channel line of the monthly timeframe at 113.13. According to our main scenario, we expect the price to reverse upwards if it reaches this support.

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The target of growth is the 115.80-116.15 range. The price, of course, has the possibility of overcoming it, and the Marlin Oscillator helps, going deeper into the negative area. In this case, the downward movement may continue to the MACD line in the area of 111.88.

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On the four-hour scale chart, the price has settled below the balance and MACD indicator lines, the Marlin Oscillator is in a downward position. And, nevertheless, this is still the development of a sideways trend that began a month ago, and a sideways trend is more often a consolidation before the resumption of the previous trend, that is, the growth of the USD/JPY pair. A price exit above the MACD line (above 113.84) will mean a reversal has already taken place.

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