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FX.co ★ Forecast for USD/JPY on May 16, 2022

Forecast for USD/JPY on May 16, 2022

The USD/JPY pair showed growth on Friday, and in today's Asian session it is trying to win back this growth. The Marlin Oscillator is declining in the negative area on the daily chart, so we are waiting for the price to reach the first bearish level at 126.95 (April 27 low). To restore growth, Marlin must return to the positive area, which is quite difficult to do in the current situation, it will take about two days.

Forecast for USD/JPY on May 16, 2022

On the four-hour chart, the Marlin Oscillator is turning down from the border of the growth area. The price is falling below the balance (red) and MACD (blue) indicator lines. We are waiting for the price to fall further according to the main scenario.

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Forecast for USD/JPY on May 16, 2022

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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