Following a two-week sideways movement, the USD/JPY pair finally pulled up yesterday due to the continuing rise in risk appetites: the S&P 500 added 0.82% yesterday, gold fell 0.69%, and 5-year US government bond yields were up from 0.31% to 0.32%. The growth of the USD/JPY pair reached 110 points, the first bullish target of 108.30 was overcome. The second target of 109.50 is open, where now we are waiting for the price. With its overcoming, growth is possible to 110.83 (November 2017 low). The Marlin oscillator is in the zone of positive values.
The price slightly retreated after strong growth on the four-hour chart. Target level of 108.30 now acts as support. After completing the local correction, we expect the currency pair to continue growing.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Forecast for USD/JPY on June 3, 2020