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03.05.2022 05:04 AM
Forecast for USD/JPY on May 3, 2022

Yesterday, the dollar rose slightly against the yen. We observed a lateral movement for the pair, which can be interpreted as consolidation before further growth to the nearest target of 131.11, then to 132.38. But there is one negative circumstance - the signal line of the Marlin Oscillator is decreasing on a daily scale, and here, either the price will continue sideways movement for at least another day, before the Federal Reserve meeting, or it will deepen the downward correction.

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On a four-hour scale, the signal line of the oscillator shows the intention to turn up from the zero line. This circumstance increases the likelihood of a continuation of the sideways movement. The MACD line is support for this scenario and the price itself, which is growing, as it approaches the price, encouraging the bulls.

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Laurie Bailey,
Analytical expert of InstaForex
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