Forecast for USD/JPY on November 21, 2024
Technical analysis
2024-11-21 02:49:55
The pair's sharp rebound from the 153.60 support level, followed by a 230-pip price increase, has not resulted in a reversal toward breaking above 156.79.
This two-day rally lacked confirmation from the Marlin oscillator, which entered bearish territory after exiting its consolidation range earlier this morning. The price is already approaching yesterday's opening level, targeting 153.60. A breakdown below this level will pave the way toward the next support at 150.83.
On the H4 chart, the price is sliding back below the balance and MACD lines. Simultaneously, the Marlin oscillator is moving further into bearish territory. The synchronization of these bearish signals increases the likelihood of a sharp decline in the pair.
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