FX.co ★ Forecast for USD/JPY on May 3, 2021

USD/JPY

The US dollar's attack against its main competitors last Friday turned out to be very opportune for the USD/JPY pair, which was stuck in the intersection of technical resistances. The pair grew by 42 points, which is less than the aussie, but did the main thing - it settled above the MACD indicator line, and the Marlin oscillator moved into the zone of positive values. Now the price needs to go above the 109.60 target level and the road to 110.43 - to the price channel line is open.

As we expected, the signal line of the Marlin oscillator completed a wedge on the four-hour chart and went up from it. The price settled above the target level of 109.26. We expect the dollar to rise further against the Japanese yen.