Forecast for USD/JPY on May 8, 2020


The dollar grew by 17 points against the yen on Thursday, the highest of the day was met by strong resistance of the embedded line of the price channel on the daily chart. A fall exactly along the Fibonacci time line did not follow, this instrument is losing influence. The Marlin oscillator continues to slowly decline in the negative area, the general downward trend continues. The goals are the same: 105.10, 103.95.


This calm main scenario could be disrupted with the release of evening data on employment in the US. Unemployment is expected to rise in April from 4.4% to 16.0%. After overcoming yesterday's high (106.67), it is possible to continue the growth to 107.50 – to a strong resistance from the coinciding lines of the price channel and the MACD.


The price is developing under the balance and MACD lines on the four-hour chart. The Marlin oscillator is balancing on the zero line. We are waiting for the news release.

The material has been provided by InstaForex Company -