29.11.202305:29 Forex Analysis & Reviews: Forecast for USD/JPY on November 29, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/JPY

The USD/JPY pair has been falling for the fourth day, at an accelerated pace for three days. The pair breached the support at 147.17 (November 21st low) this morning, and it can reach the target of 145.08 (June peak). The Marlin oscillator is also falling at a decent pace, but it is still far from the oversold territory. Even if the pair's downward movement slows down, we expect it to reach the target support.

U.S. government bonds are rapidly losing ground. The yield on 5-year bonds has fallen from 4.51% to 4.25% since the beginning of the week. Along with this, the dollar is declining against the yen. Simultaneously, there are increasing rumors of the Bank of Japan abandoning its ultra-loose monetary policy soon.

On the 4-hour chart, there are signs of a brewing convergence between the price and the Marlin oscillator. The main event of the day will be released in the evening – the U.S. GDP for the 3rd quarter. Depending on the risk sentiment, the USD/JPY pair will choose a corresponding strategy. Until then, the price may stall under the resistance at 147.17.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.