FX.co ★ Forecast for USD/JPY on November 9, 2023

USD/JPY

Yesterday, the USD/JPY pair moved above the embedded price channel line, significantly strengthening the US dollar's position against the Japanese yen. The Marlin oscillator's signal line has stabilized within the uptrend area. The pair can reach the first target at 151.95. USD/JPY could even try to surpass this level, with plans to reach the next price channel line around 153.15.

In order to continue the downward movement, it needs to settle below the 150.00 level and then overcome the support of the MACD line around 149.36. We are still waiting for the pair to reverse into a medium-term downtrend, but this may not happen this week.

On the 4-hour chart, the price is rising above the indicator lines, and the Marlin oscillator is in the bullish territory, indicating a short-term uptrend. To disrupt this trend, the price would need to settle below the 150.79 level, which represents the support level of the embedded price channel line on the daily chart, as well as the high from October 26.