empty
 
 
31.05.2021 06:28 AM
Forecast for USD/JPY on May 31, 2021

USD/JPY

The USD/JPY pair's first attempt to break above the resistance of the MACD line and the target level of 109.97, as we expected in the last review, failed. The day closed and it happened under the MACD line. But the intention of the price to do this was open, and, with the greatest probability, a second attempt will occur soon.

This image is no longer relevant

But today is a public holiday in the US and the UK, and there may be (and is already brewing) technical consolidation after Friday's breakthrough.

This image is no longer relevant

The signal line of the Marlin oscillator is decreasing on the four-hour scale, which confirms the development of a correction or consolidation under the level of 109.97. At the end of the observed consolidation, we expect the price to settle above the level of 109.97 and reach a goal like 110.50, which the pair has been reaching for five weeks. Support is the level of 109.37 - the high on March 15.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback