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22.11.202105:35 Forex Analysis & Reviews: Forecast for USD/JPY on November 22, 2021

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.

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.

Exchange Rates 22.11.2021 analysis

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.

Exchange Rates 22.11.2021 analysis

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
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