Forecast for USD/JPY on June 5, 2020

USD/JPY

The dollar continued to grow against the yen yesterday (23 percentage points) despite the decline in stock indices: the S&P 500 was down -0.34%, while the Nikkei 225 is losing -0.32% in the Asian session today. It seems that investors are counting on good US employment data today and continued growth in related markets. If such expectations are met, then with the price overcoming the first target level of 109.50, growth will continue to the second target level of 110.83 (November 2017 low).

A weak divergence has formed on the Marlin oscillator on the four-hour chart, the structure is more similar to the indicator discharging before further growth. But this pattern is also a harbinger of increased intraday volatility, which is quite consistent with today’s release of important US data.

Exchange Rates 05.06.2020 analysis

We are waiting for a clarification of the situation – whether investors will change their minds to buy risk.

Source: Forecast for USD/JPY on June 5, 2020

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