USD/JPY
Over the last two days, the USD/JPY pair has fallen by two figures, finding the October 17 low as the support level. This morning, the pair is recouping losses, and after that we expect the pair to drop towards targets like 148.18 (the October 10th low) and 147.65 (the embedded line of the global descending green channel).
Today's data from Japan has been mixed: the unemployment rate decreased from 2.7% to 2.6%, and industrial production in September only added 0.2%, compared to the forecast of 2.5%.
The main driving force for the yen's strength could be tomorrow's Federal Reserve meeting, which is expected to have a dovish tone.
On the 4-hour chart, the price is developing a downward movement below the balance (red) and MACD (blue) lines. The Marlin oscillator is in the bearish territory. The corrective growth is limited by the MACD line, which is just below the target level of 150.00.
