FX.co ★ Forecast for USD/JPY on November 1, 2022

The USD/JPY pair rose 130 points yesterday, stopping in the middle of the way to 150.00 resistance. The stop was caused by a reversal of the signal line of the Marlin Oscillator on the zero line.

The price is most likely to undertake a downward scenario, that is, it will overcome the support at 147.50 and then go down to the price channel line to the area of 145.45, where the MACD line is already striving. This is a key level, a breakthrough of which, or a reversal from which will determine the further medium-term price movement. At the moment, the option with a further advance to 141.50 has a slight advantage.

On the four-hour chart, the price reversed from the resistance of the MACD line. Marlin also turns down and picks up speed. The first task is to settle under 147.50.