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23.05.202205:10 Forex Analysis & Reviews: Forecast for USD/JPY on May 23, 2022

The price is falling on the daily chart, being above the balance and MACD indicator lines. At the moment, the price is supported by the balance line. The Marlin Oscillator continues to decline. There is a possibility that the price will reach the not-so-distant target level of 126.95 (low on April 27), and if the growth of stock indices continues (S&P 500 closed Friday at a symbolic 0.01%), then, with the highest probability, the growth of the USD/JPY pair will resume.

Exchange Rates 23.05.2022 analysis

The MACD line is below the level of 126.95, which prevents the bears from developing an attack. There should be good fundamental reasons for a significant drop in quotes, and they do not yet exist.

Exchange Rates 23.05.2022 analysis

The price convergence with the Marlin Oscillator is in force on the four-hour chart. Working out the support at 126.95 will not break this convergence, but will only strengthen it, turning it into a dual category. On the way to the 131.40 target, there is an intermediate and rather strong level at 129.11 – the high on April 22.

Consolidating under 126.95 may increase the volatility of the yen and with it the uncertainty. We are waiting for the development of events.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2022
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