11.05.202004:54 Forex Analysis & Reviews: Forecast for USD/JPY on May 11, 2020

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USD/JPY

So, the market reversed the starting position of the USD/JPY pair to a May 6 fall. The price turned up in the following days, and it went to the key level of 107.50 this morning, overcoming which opens up the prospect of growth to 111.50 - to the upper border of the price channel, built on a weekly timeframe.

The signal line of the Marlin oscillator is already close to moving into the growing trend zone But before the expected signal, more than 70 points. At the same time, the risk of a price return under the immediate support of the price channel 106.53 remains, which is also today's low. Consolidation under the level again opens the target of 105.10.

The price is completely in an upward trend on the four-hour chart, which slightly raises the chances of growth. We are waiting for the development of events in the uncertainty range of 106.53-107.50.

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