Forecast for USD/JPY on May 11, 2023

USD/JPY
After the price reached the target level of 135.40 on Wednesday, it returned below the price channel line (134.50). The target on the MACD indicator line is 133.03.

The Marlin oscillator approached the zero line and presents two different interpretations: either the oscillator's signal line will reverse from this zero boundary and pull the quote above 134.50 for a repeated attack on the 135.40 level, or the Marlin will move to negative territory and help the price reach the MACD line (133.03).

On the four-hour chart, the price has consolidated below 134.50 and below the indicator lines; the Marlin oscillator has returned to negative territory. All these circumstances maintain the downtrend and the main scenario of achieving the target of 133.03.

Analysis are provided by InstaForex

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