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28.05.202005:02 Forex Analysis & Reviews: Forecast for USD/JPY on May 28, 2020

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Amid a rise on the stock market, the USD/JPY pair managed to add 22 pips yesterday. The price broke above the signal level of 107.78, and the growth continued this morning. The nearest target lies at 108.30.

As seen on the four-hour chart, the price rose above the balance line and the Krusenstern indicator. The Marlin oscillator is also growing in the zone of positive values.

The continuation of an upward trend can be confirmed by the publication of the US Durable Goods Orders data. The forecast for April is -19.0% versus -14.7% in March. The outlook is negative, so industrial production is likely to be weak subsequently. If the Durable Goods Orders report exceeds expectations and provides better results than in March, it will give investors a hope that a further fall in the industrial production will be a moderate drop, and the markets will get a chance of recovering.

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