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21.11.202404:49 Forex Analysis & Reviews: Forecast for USD/JPY on November 21, 2024

Relevance up to 21:00 2024-11-21 UTC--5

The pair's sharp rebound from the 153.60 support level, followed by a 230-pip price increase, has not resulted in a reversal toward breaking above 156.79.

Exchange Rates 21.11.2024 analysis

This two-day rally lacked confirmation from the Marlin oscillator, which entered bearish territory after exiting its consolidation range earlier this morning. The price is already approaching yesterday's opening level, targeting 153.60. A breakdown below this level will pave the way toward the next support at 150.83.

Exchange Rates 21.11.2024 analysis

On the H4 chart, the price is sliding back below the balance and MACD lines. Simultaneously, the Marlin oscillator is moving further into bearish territory. The synchronization of these bearish signals increases the likelihood of a sharp decline in the pair.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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