FX.co ★ Forecast for USD/JPY on November 23, 2022

On Monday, the USD/JPY pair rose above the resistance of the embedded price channel line at 141.76, on Tuesday it retreated and fell below the level, and this morning it appears like it wants to test it from below. The signal line of the Marlin oscillator is going up, so the price might just push through with the test, and with another breakout of the resistance of 141.76.

Nevertheless, we can only talk about growth once the price has overcome the highs of the last two days (142.25). In this case, the MACD line near 144.85 may become the target for further movement.

But we are waiting for the price to fall to the first support of 139.75. Breaking through the level will open the second target at 138.60.

On the four-hour chart, the price is falling above the balance and MACD indicator lines. The MACD line and the Marlin oscillator are going down - there is a high probability of continuing such trends. To settle, the Marlin oscillator needs to move into the negative territory. This will happen once the price goes below the local high on the 17th (140.74).