FX.co ★ Forecast for USD/JPY on May 7, 2021

USD/JPY

The USD/JPY pair continues to move sideways. It has already dragged on and as a result, today's opening took place under the MACD indicator line. But this is possible without changing the main growing scenario, in this case the situation can be interpreted as a contraction before a sharp rise in price.

The Marlin oscillator remains neutral, moving along the zero line for the fifth day. The start of price growth will be set by US employment data. The forecast for new jobs in the non-agricultural sector is 978,000, the overall unemployment rate is 5.8% against 6.0% in March. The growth target of 110.44 is the embedded line of the price channel of the monthly timeframe.

There is still a growth situation on the four-hour scale - the price is above the MACD line, the MACD line itself is moving up. The Marlin oscillator is down, but already turning up. If the price rises above the 109.26 level, the price will return to a rising position on the daily scale.