Forecast for USD/JPY on June 4, 2021

USD/JPY

The USD/JPY pair rose by 71 points yesterday due to the general market optimism, breaking the resistance of the MACD line on the daily chart. There is not much left to the key target (110.47) and one more strong fundamental momentum is needed to overcome it. Perhaps today's US employment report will be such an impulse. May unemployment in the US is expected to decline from 6.1% to 5.9%.

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Overcoming this magnetic point of intersection of the trend lines of the two price channels of the monthly timeframe opens the target 111.39 - the low of October 2018 and the high of May 2018. The next upside target could be the peak of March 3, 2019, near the top of February this year at 112.20.

The Marlin oscillator is growing in its own rising channel. The trend is up.

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The Marlin oscillator has moved into the growth area on the four-hour chart, the price is above the indicator lines. We look forward to continued growth with an attack at 110.47.

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

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