FX.co ★ Forecast for USD/JPY on November 11, 2022

The yen has finally decided to do what it has been preparing for for three weeks – to break into the support zone of the September consolidation. Yesterday's drop was 546 points (-3.71%). It stopped falling between the price channel lines marked at 139.70 and 141.70.

At the moment, the price is above 141.70, but significant key targets have not been achieved, so we are waiting for the continuation of the selected movement. The targets are: an intermediate target (weak level) at 139.70, a stronger level at 138.45, the final target of the movement at 136.75 is the consolidation of the third week of August.

On the four-hour chart, a powerful movement started from the MACD indicator line, after the third rebound from it (marked by arrows), so there is every opportunity to continue the short- and medium-term decline. We are waiting for the price to settle under the level of 141.70.