Forecast for USD/JPY on May 27, 2020

Posted On 26 May 2020

USD/JPY

The yen traded in the range of 53 points on Tuesday, ending the day with a loss of 18 points. The price was unable to gain a foothold over the signal level of 107.78, respectively, and develop growth to the target level of 108.30. Currently, the price is testing the support of the 107.38 trend line, leaving below it will allow the price to fall to the MACD line at 107.15. Consolidating along the MACD line opens the way to the embedded price channel line in the area of 106.45.

The price consolidated under the indicator lines of balance (red) and MACD (blue) on the four-hour chart, the Marlin oscillator in the zone of negative values. The local trend is decreasing. However, due to the discrepancy with the daily trend, the situation from a practical point of view does not seem to be a trading one. We are waiting for a clarification of the situation.

Foreign markets still help the pair grow – the S&P 500 added 1.23% yesterday. The Nikkei 225 grew by 0.21% this morning.

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

Source:: Forecast for USD/JPY on May 27, 2020

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