07.11.202305:56 Forex Analysis & Reviews: Forecast for USD/JPY on November 7, 2023

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USD/JPY

The USD/JPY maintains the uptrend by staying above the MACD line without moving too far away from it. Closing below the MACD line (below 149.06) could be a turning point in this trend, with the nearest target being 148.18, followed by 146.73. This is the main scenario. Furthermore, the indicator line of the Marlin oscillator is in the bearish territory and this provides support to the trend.

If the price manages to stay above the nearest line of the price channel at 150.65, the next target could be 151.95 and this may extend the uptrend. We expect the movement to turn into a downtrend in the medium-term. But yesterday's growth may complicate the technical picture of this change.

On the 4-hour chart, the current situation is bearish since the price is trading below the balance and MACD indicator lines, with the Marlin oscillator in the downtrend territory. The bears should be cautious if the price breaks above the MACD line (150.35).

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