Forecast for USD/JPY on June 7, 2021


The USD/JPY pair returned to support at 109.37 last Friday. The signal line of the Marlin oscillator has reached the lower border of its own rising channel on the daily chart. Growth recovery in case of price reversal from technical support in this situation looks like a "traditional" scenario, as the growing Marlin channel has acquired the third touchpoint and, thus, the 110.47 target remains relevant and important.


But the pair's recent development is directly related to the dollar index, and today it is in a situation of uncertainty. Therefore, the option of continuing the decline when the price settles below the 109.37 level is quite probable. The target of this movement will be the 108.35 level.


The material has been provided by InstaForex Company -