Forex Analysis & Reviews: Forecast for USD/JPY on May 21, 2021

USD/JPY
Yesterday, the dollar lost 44 points against the yen, but this day may be the last in the current stage of suppressing the pair's growth. Equity markets rose well yesterday (S& P 500 1.06%), this morning, the dollar shows a technical recovery to strengthen.

On the daily chart of the USD/JPY pair, the Marlin oscillator turns to the upside from the zero (neutral) line. Sure. These are only signs that the pair would rise. First of all, the price should rise above the strong resistance at 109.37. In this case, the 109.97 target is open, to which the MACD line is aiming for, then it may continue to rise to the area where two lines of price channels at 110.50 intersect.

On the four-hour chart, the only weak sign of growth is the Marlin Oscillator, which is turning up, but is still in the negative area. The MACD line coincides with the technical price level of 109.37, this increases the level's significance and at the same time its strength. We are waiting for the development of events.

Analysis are provided by InstaForex