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12.11.202005:05 Forex Analysis & Reviews: Forecast for USD/JPY on November 12, 2020

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

On the daily chart for the third day, the Japanese yen is held above the MACD line. The Marlin oscillator is developing in a small horizontal range, increasing the probability of price growth to the nearest target of 106.03 along the price channel line.

Exchange Rates 12.11.2020 analysis

But this plan has an alternative, which manifests itself when considering the situation on a four-hour scale. Yesterday, the price went up from the triangle, then returned to its top, converting the triangle into a flag.

Exchange Rates 12.11.2020 analysis

Meanwhile, a divergence was formed based on Marlin. Since the price is close to going under the forming lines of the flag and triangle, working out the target level of 104.75 is possible. By this time, the Marlin oscillator on the daily timeframe may be in the zone of negative values. Fixing the price at 104.75 will open the target of 104.05 at the minimum on September 21. If the price is fixed at 104.75, the MACD line on H4 can be easily overcome by increasing dynamics. The probability of both upward and downward development is the same, and the uncertainty can be resolved today.

Laurie Bailey
Analytical expert of InstaForex
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