USD/JPY
The Japanese yen exceeded the target level of 109.50 on Friday, it attempts to consolidate above this level today. The final estimate of Japan's GDP for the first quarter was increased to -0.6% from -0.9% in the preliminary estimate. The balance of payments for April fell from 0.94 trillion. yen to 0.25 trillion, consumer spending in the first quarter fell by -0.8% against the forecast of -0.7%. But the Nikkei 225 is optimistic, adding 0.90% to the Asian session, since the S&P 500 grew 2.62% on excellent US employment data on Friday.
We look forward to continuing the optimistic trend to the nearest target level of 110.83. A little higher at 111.32, is the upper line, the border of the price channel from the high of June 2015. The price is likely to turn into a medium-term decline in the range of 110.83-111.32.
The price gathers strength at the level of 109.50 on the four-hour chart. The signal line of the Marlin oscillator develops in its own slightly downward tilted channel, and a signal line is set to turn up. We expect the price to continue growing.
If the price consolidates below the signal level of 109.18, it is likely for it to fall to a June 4 low at 108.63, which the MACD line is aiming for.
The material has been provided by InstaForex Company - www.instaforex.com