11.11.202405:03 Forex Analysis & Reviews: Forecast for USD/JPY on November 11, 2024

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On the daily chart, the Marlin oscillator has bounced upward from the zero neutral line for the second time. This movement could signal either a reversal of the oscillator, a price increase (targeting 156.30), or a consolidation of the signal line above the zero line.

During this consolidation, the price may settle above the 153.60 level, forming stable support. The price could aim for the target levels of 156.30 and 157.72. The price has moved above the indicator lines in the four-hour time frame.

With the Marlin oscillator in the uptrend territory, the price is expected to find further support in overcoming the 153.60 resistance level. If the price reverses and consolidates below the Kijun-Sen line (153.02), it could return to a downward scenario with a target of 150.83. The primary outlook remains bullish.

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