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07.11.202405:03 Forex Analysis & Reviews: Forecast for USD/JPY on November 7, 2024

The USD/JPY pair has reacted very technically to the U.S. presidential elections. On Wednesday, the price broke out of the 150.83–153.60 range, with the Marlin oscillator reversing upward from its neutral zero line. The target at 156.39 is now open, and if surpassed, further growth toward 157.72 is possible.

Exchange Rates 07.11.2024 analysis

Generally, the yen may continue to weaken (moving upward on the chart) until a collapse in the U.S. stock market triggers a financial-economic crisis. If the price reaches 163.22 (the upper boundary of the price channel) before such a crisis occurs, the Bank of Japan may intervene, potentially by raising its key interest rate.

Exchange Rates 07.11.2024 analysis

However, with the Federal Reserve expected to lower its interest rate today, the dollar's advance could slow. We anticipate the start of consolidation above the 153.60 level, with growth resuming next week.

Strong growth began following a double price convergence with the Marlin oscillator in the four-hour time frame.

Exchange Rates 07.11.2024 analysis

The price is now firmly above the 153.60 level and both indicator lines. Marlin is turning upward as it approaches the overbought zone. During the consolidation phase, the oscillator is likely to cool down and discharge. Once that is complete, we expect the pair to resume its upward movement toward the stated targets.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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