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13.05.202105:22 Forex Analysis & Reviews: Forecast for USD/JPY on May 13, 2021

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USD/JPY

The USD/JPY pair is probably experiencing happiness - the dollar's growth in the broad market from yesterday made it possible for it to rise by 105 points, overcoming the resistance of both indicator lines - the balance line (red) and MACD (blue). The balance line indicates the conditional market interest, the MACD line indicates the strength and direction of the trend. The USD/JPY pair is now in an upward trend. Also, the Marlin oscillator has entered the zone of positive values. The target is 110.44, followed by 110.62 - the line of the descending global price channel, even higher than 111.39 - the October 2018 low.

The price also settled above the indicator lines on the four-hour chart, while Marlin is in the growth zone. The April 9 high at 109.97 is an intermediate price resistance on the way to 110.44, and there may be a slight correction from it.

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