empty
 
 
22.11.2021 05:35 AM
Forecast for USD/JPY on November 22, 2021

Over the past Friday, the pressure on the dollar from the yen increased. The lower shadow on the daily scale chart tested the balance indicator line from above. The price divergence with the Marlin Oscillator is increasing. As before, we are waiting for the price at the nearest support at 113.18. Slightly below it is the MACD indicator line, at 112.74 - at the low of November 9, so the price can easily work out this support as well, while maintaining the potential for an upward reversal to the target range of 115.80-116.15. If the price settles below this level, the price may rush to the embedded price channel line of the higher timeframe in the region of 110.75.

This image is no longer relevant

But this scenario has a drawback - it is a rebound of the price from the balance indicator line. If the price closes today with a white candle, the Marlin Oscillator may be in the positive zone tomorrow morning, breaking the line forming the divergence. In this case, the growth will continue, the price will go to the target range of 115.80-116.15.

This image is no longer relevant

On a four-hour scale chart, the price turns up after falsely moving under the MACD line. After the price breaks above the level of 114.55 - above the Friday high, the Marlin Oscillator will be in the zone of positive values, which in total may mean a further rise in the price towards the specified target.

Consolidating below the MACD line (113.87) will be a signal for the price to return in a downward direction.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback