Forecast for USD/JPY on May 5, 2020

USD/JPY

The USD/JPY quote once again approached the support of the embedded line of the price channel on Monday and the price went under it again this morning. Most likely, this downward movement is working, since tomorrow's candlestick will coincide with the 9th line of the Fibonacci time zone and will receive a strong acceleration down. The immediate goal of the yen is the 105.10 level, behind it is the 103.95 level.

analytics5eb0dfca3e00d.jpg

The price has consolidated below the MACD line on the H4 chart, the Marlin oscillator has penetrated into the zone of negative values, into the bearish zone. We are waiting for the falling sentiment on the USD/JPY to proceed further. On the practical side, it is possible to open short positions at current prices with a stop loss of 107.15.

analytics5eb0dfddabd16.jpg

The material has been provided by InstaForex Company - www.instaforex.com