FX.co ★ Forecast for USD/JPY on May 20, 2020

USD/JPY

The USD/JPY pair grew by 76 points yesterday, probably in an attempt to fulfill the initial growth target of 108.30. The attempt failed since sufficient external conditions were needed for this, while the US stock market lost 1.05% (S&P 500). There are hopes for growth today, since Asian indices are growing, except for Chinese ones: Nikkei 225 0.71%, Kospi SEU 0.41%. The Chinese China A50 index is losing 0.32%.

The price is above the trend line of the price channel on the daily chart, while Marlin is growing in the zone of positive values.

The price has consolidated above the signal level of 107.78 on the four-hour chart, while Marlin is also in the growing trend zone. We expect growth to 109.50 (peak of November 7, 2019) if the price consolidates above the first target level of 108.30.