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Forecast for USD/JPY on Nov 29, 2019
USD/JPY
The US/DJPY pair is trying its best to grow, but it is hindered by political events in China and the unstable situation in the stock market. Major Asian indices are trading just below zero, Hong Kong’s Hang Seng is knocked out of this series, losing 1.61% due to US pressure to pass its own Human Rights and Democracy Act in Hong Kong. There is not much left until the target level of 109.90 – to the line of the green ascending price channel. Upon reaching the level, a decisive reduction in prices is possible, here the first goal will be to support the red price channel around 108.50. The MACD line is also striving for the same mark on the daily chart. With overcoming the first goal, the second opens – the intersection point of two lines of price channels – 107.58.
On a four-hour chart, the price is above the indicator lines of balance and MACD, the line of the Marlin oscillator is falling, which may be preparation for the formation of divergence in case of price growth. Wait for the development of events – purchases, as well as sales from current levels, carry the same risks.
The material has been provided by InstaForex Company – www.instaforex.com
