FX.co ★ Forecast for USD/JPY on May 15, 2023

USD/JPY

Last Friday, the USD/JPY pair bounced off the support of the embedded price channel line (134.55) and broke through above the resistance of 135.40. Now the 138.50 target is available (main scenario).

If the price returns below the 134.55 level, it will continue to fall to the MACD line around the 133.45 mark. On Friday, the yield on 5-year US government bonds rose from 3.35% to 3.45%. The dollar received support in the fight against the yen.

On the four-hour chart, the price is above the 135.40 level, which is now the support for the probable correction, as the signal line of the Marlin oscillator has turned slightly downwards. Overall, the price has also settled above the balance and MACD indicator lines and established itself in a short-term uptrend.