FX.co ★ Forecast for USD/JPY on November 29, 2022

Yesterday, the yen tried to reach the nearest support of the embedded line of the price channel at 137.00, but was pushed back up above the 138.60 line.

This morning, the price is trying to go under 138.00, but it is currently prevented by the convergence that has almost formed. If the bears succeed, then the price will hit 137.00, the convergence will be in a more classical form (marked with a dotted line).

On the four-hour chart, the price is building strength so it can cross the support of 138.60 reinforced by the MACD line. The Marlin oscillator is in negative territory, which is beneficial to this plan. If the plan fails, the price could rise to 139.95 as a return to the upper limit of the consolidation, but if it doesn't reverse from the level as a new attack on 138.60, then, as the price settles above 139.95, the currency might reach the 141.90 level.