FX.co ★ Forecast for USD/JPY on May 14, 2020

USD/JPY

The US stock market has been falling for two days, increasing the talk of a second wave of market decline. The S&P 500 fell by 1.75% yesterday. The yen strengthened by 11 points. The price is in no hurry to leave the consolidation range between the two lines of the price channel on the daily chart. But when this happens, the price will overcome the support at 106.56, before it opens the road to 105.10 and further to 103.95.

The price has consolidated below the MACD indicator line (moving blue) on the four-hour chart, the Marlin oscillator is in the decline zone. We are waiting for the development of a downward trend.