07.11.202205:01 Forex Analysis & Reviews: Forecast for USD/JPY on November 7, 2022

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The USD/JPY pair is still developing according to our main scenario - it is declining. Friday's decline was 160 points towards the first and strong support at 145.45, determined by the embedded price channel line and MACD's indicator line of the daily chart.

Today opened with a rising gap, which, if it closes later, will give the price additional technical conditions for further decline. Settling below 145.45 will open the way for the price to support 141.65.

An alternative scenario suggests settling above 147.63 and rising to 150.10.

On the four-hour chart, the price is developing below the balance lines (red) and the MACD line (blue), the Marlin Oscillator is in the downtrend zone. The situation favors a further decline. Target at 145.45.

On this chart, the MACD line (148.00) is above the level of 147.63. Therefore, in order to develop the upward movement, it will not be enough for the price to overcome 147.63, it is also necessary to settle above the MACD line. In the previous two cases (marked with arrows on the chart), this line turned out to be an insurmountable resistance for the price.

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