02.06.202004:20 Forex Analysis & Reviews: Forecast for USD/JPY on June 2, 2020

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The USD/JPY pair failed to rise higher yesterday which did not come in line with our expectations. The price remained at the signal level of 107.78. The day's low tested the support of the price channel, the closing of the day took place above the balance indicator line (daily). However, the pair still has some momentum to move higher. Today we are waiting for the pair's second attempt to go above the signal level and grow further. The target lies at 108.30.

As seen on the 4H chart, the price has broken above the resistance of the MACD indicator line (blue line), the signal line of the Marlin oscillator is in the zone of positive values. So, we will be patiently waiting for the price to increase.

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