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10.05.202106:10 Forex Analysis & Reviews: Forecast for USD/JPY on May 10, 2021

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USD/JPY

The dollar lost 44 points against the yen last Friday, which seems to be a small loss against the background of strong growth in European currencies. The price found support at the March 10 low, and has already covered more than half of Friday's decline in the European session today. The Marlin oscillator approached the border of the growth area again.

Rising above the MACD indicator line (109.26) will give the price a new growth momentum. The first target is 109.97 - April 9 high and April 5 low, then 110.44 is the embedded line of the rising price channel of the monthly price timescale.

On the four-hour chart, the price is struggling with the first obstacle to succeeding growth - the MACD line. To completely form the rising signal, the Marlin oscillator does not need to enter the zone of positive values. Visually, this can happen when the level is above 109.26 - the resistance of the daily timeframe. So, we see primary conditions appearing for succeeding price growth, we are waiting for the development of events, selling is not recommended.

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