FX.co ★ Forecast for USD/JPY on May 17, 2021

USD/JPY

The US dollar's weakness on Friday was reflected in the USD/JPY pair by pushing the price below the MACD indicator line. This threatens to fall to the nearest target level of 108.35 - to the lows of May and 10 March.

The Marlin oscillator has not yet left the area of prevailing growth, so there is a possibility that the price will return to the area above the MACD line and continue to grow to 109.97 and further into the 110.46/58 range.

The price is supported by the MACD line on the four-hour chart, while Marlin is in the growth zone. Also, the support effect of the 109.37 target level is still ongoing. There is a possibility that the price would reverse to the upside from the current levels.

To move down, the price needs to consolidate below Friday's low of 109.20.