FX.co ★ Forecast for USD/JPY on May 12, 2022

Yesterday the USD/JPY pair fell by 50 points. In general, such a decline does not break the sideways trend under the line of a slightly rising price channel, but the Marlin Oscillator went under the lower limit of its own declining channel and at the same time ended up in the downward trend zone. Such a double signal of the oscillator tells us about the beginning of a downward price movement. The first target of the downward movement is the 126.95 level – the April 27 low. Surpassing the level will open the second target at 125.11 – the March 28 high.

On the four-hour chart, the price settled below the balance line after the previous reversal from the MACD line. Marlin has moved into the negative area. We are waiting for a further decline in the USD/JPY pair.