Forecast for USD/JPY on June 8, 2021

USD/JPY

The dollar lost 28 points against the yen yesterday, with the day's low at 109.20. In today's Asian session, the pair is slightly growing, supported by the reversing upward Marlin oscillator. Marlin is staying in the growth area. Consolidating below yesterday's low (109.20) will lead to the oscillator moving into the negative zone, and then the medium-term trend will transform into a downward trend with the nearest target at 108.35 (May 11 low). But while the price retains the potential to reach the target level of 110.47..

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The price consolidated below the MACD indicator line on the four-hour chart. At the moment, the price shows an intention to go above it, but the longer the price stays below the MACD line, the less opportunity it will have to do it. It is possible to consider options for long positions in the short-term when the price settles above the MACD line (109.47).

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

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