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FX.co ★ Forecast for USD/JPY on May 3, 2022

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Forex Analysis:::2022-05-03T03:04:06

Forecast for USD/JPY on May 3, 2022

Yesterday, the dollar rose slightly against the yen. We observed a lateral movement for the pair, which can be interpreted as consolidation before further growth to the nearest target of 131.11, then to 132.38. But there is one negative circumstance - the signal line of the Marlin Oscillator is decreasing on a daily scale, and here, either the price will continue sideways movement for at least another day, before the Federal Reserve meeting, or it will deepen the downward correction.

Forecast for USD/JPY on May 3, 2022

On a four-hour scale, the signal line of the oscillator shows the intention to turn up from the zero line. This circumstance increases the likelihood of a continuation of the sideways movement. The MACD line is support for this scenario and the price itself, which is growing, as it approaches the price, encouraging the bulls.

Forecast for USD/JPY on May 3, 2022

Analyst InstaForex
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