FX.co ★ Forecast for USD/JPY on May 17, 2023

USD/JPY

The USD/JPY pair is rising for the fifth consecutive day. The Marlin oscillator is slightly turning downwards on the daily chart, this may be a sign of imminent consolidation. Overall, the target for the upper line of the price channel at 138.50 remains, despite the current market noise. We have an uptrend.

This morning, optimistic data on the Japanese economy were released. GDP in the 1st quarter grew by 0.4% against the forecast of 0.1%, annual growth was 1.6% against the expected 0.7%. Consumer spending in the 1st quarter increased by 0.6% against economists' expectations of 0.4%. The data slowed down the dollar's growth against the yen. The stock index Nikkei 225 adds 0.72% amid declines in stock markets in China and Australia. Stock markets in Indonesia and South Korea are rising.

On the four-hour chart, the price is moving above the balance and MACD indicator lines. The Marlin oscillator is moving sideways, also warning of a slowdown in price growth. There is also the possibility of extending growth, if the decline in the signal line is just a discharge of the oscillator before further growth.