Forex Analysis & Reviews: Forecast for USD/JPY on May 6, 2021

USD/JPY
The Japanese yen is in an interesting position: the current price on the daily chart is between the balance and MACD indicator lines, between the target levels of 109.26 and 109.60, it does not go beyond Tuesday's range, while the Marlin oscillator is sideways on the zero line. The price is clearly waiting for "an event" with which it will go on a medium-term track. Probably, such an event will be the release of the US employment report on Friday. And since the data is forecast to be strong, the price might reach the 110.43 target level by tomorrow, by the end of the week.

The price is supported by the balance indicator line on the H4 chart, Marlin is in the negative zone, but since its peak on April 28 it has already unloaded against the price growth and is now ready to follow it, that is, assuming the role of a trailing instrument. We are waiting for the development of events.

Analysis are provided by InstaForex