Forecast for USD/JPY on June 1, 2021

USD/JPY

The USD/JPY pair in the Asian session formed black daily candles both yesterday and today, the basis of which is the weakening of the dollar in the world market - the dollar index lost 0.23% yesterday. Also, stock indices in Asia and Australia are in the red today, perhaps investors are afraid of uncertainty on the US grounds after a three-day weekend.

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In the local situation, we see no significant reasons for the fall of the markets in the US, we expect indices to rise today. This (main) scenario assumes a reversal of the USD/JPY pair from the reached level of 109.37 with a movement to the upper target of 109.97. Consolidating below the level of 109.37 on the daily scale will become a condition for a succeeding decline to 108.35.

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The MACD indicator line is located below the level of 109.37 on the four-hour chart, therefore, consolidating under 109.37 on the daily scale also includes the settling under the MACD line, below the level of 109.25 on the H4. For now, we are focusing on price growth.

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

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