FX.co ★ Forecast for USD/JPY on May 2, 2022

The Japanese yen is starting to settle in front of the embedded price channel line of the weekly timeframe around 131.10. Surpassing this line will open the second target at 132.38. The daily chart also shows a reversal of the signal line of the Marlin oscillator, which takes place inside its own descending channel. Accordingly, going up from it opens up the prospect of medium-term growth.

On the four-hour chart, the price did not go under the target support at 129.41 (high on April 20), thus deciding at least to form a consolidation in the 129.41-131.10 range. The Marlin Oscillator is turning up without leaving the positive area. After the Federal Reserve rate hike on Wednesday, the price will continue to rise towards the nearest target of 132.38.