FX.co ★ Forecast for USD/JPY on November 21, 2022

On Friday the USD/JPY pair broke away from the embedded price channel line of 139.65 with the intention to reach the resistance of the upper nearest line around the 141.76 mark. The pair continues to rise in today's Asian session.

After reaching 141.76, the price could go back to 139.65 or even lower, to 138.55. Falling below 139.65 will also make the 138.55 target available. Staying under this level opens the 136.80 target.

The price is trying to overcome the MACD line on the four-hour chart. A downward reversal from it is the basis for the current price reversal from the current levels. The way to 141.76 will open up when the price settles above the MACD line. The signal line of the Marlin Oscillator moves almost horizontally, neutrally. We are waiting for developments.