FX.co ★ Forecast for USD/JPY on November 21, 2023

USD/JPY

On the daily chart, the price has settled below the balance and MACD indicator lines, below the target level of 150.00, reaching support at 148.18. Now, the new target is 146.73.

The Marlin oscillator is sharply falling in the downtrend territory, with some distance to go before reaching the oversold area.

On the 4-hour chart, the price took some time to gather strength at the 148.18 support, resulting in a local corrective reversal of the Marlin oscillator.

If the price does not return above the level of 148.18, it will continue to fall along with the oscillator. If the price climbs above this level, especially with consolidation, after completing the correction, we can once again expect the price to fall toward the marked targets on the charts (146.73, 145.08).