FX.co ★ Forecast for USD/JPY on November 15, 2023

USD/JPY:

The dollar managed to withstand the first wave of the storm that started yesterday, and in its confrontation with the yen, it stayed above the support level of 150.00. If it closes the day below 150.80, it will signify a consolidation below the price channel line, which the pair crossed on Tuesday. Further consolidation below the MACD line (149.55) will give the price a start for a medium-term decline (140.93).

If the price rises above 150.80, and there is a probability of this due to the reversal of the Marlin oscillator's signal line from the border of the bearish territory (red arrow), it will be considered for a retest of the resistance at 151.95. A break above this mark will make it possible for the pair to aim for 153.25.

On the 4-hour chart, the price has consolidated below the balance and MACD indicator lines, and the Marlin oscillator is decreasing in the downtrend territory. These circumstances favor a bearish scenario. However, as the price approaches 149.55, the bullish resistance will increase. We are awaiting the resolution of this complex situation.