FX.co ★ Forecast for USD/JPY on May 31, 2021

USD/JPY

The USD/JPY pair's first attempt to break above the resistance of the MACD line and the target level of 109.97, as we expected in the last review, failed. The day closed and it happened under the MACD line. But the intention of the price to do this was open, and, with the greatest probability, a second attempt will occur soon.

But today is a public holiday in the US and the UK, and there may be (and is already brewing) technical consolidation after Friday's breakthrough.

The signal line of the Marlin oscillator is decreasing on the four-hour scale, which confirms the development of a correction or consolidation under the level of 109.97. At the end of the observed consolidation, we expect the price to settle above the level of 109.97 and reach a goal like 110.50, which the pair has been reaching for five weeks. Support is the level of 109.37 - the high on March 15.