Dollar-Yen Forecast February 13
■USD/JPY Forecast Today Daily Chart
From the daily chart of USD/JPY, we can observe that the price has cleared the strong-looking resistance at 110.360 from below and has now shifted to a stage between the upper resistance line at 111.368 and 110.360, which is considered a stronger level. It is currently forming a clean Dow Theory uptrend. There is about a 1-yen (100 pips) free space up to the resistance line at 111.368, so if the price does not fall back below the 110.360 level again, the uptrend is expected to continue. Although there is free space widening, there are also weaker walls that have been skipped, and Fibonacci lines can cause retracements, so this is not a straight rise. Conversely, since there are no clear markers, it is easy to move up or down and it becomes harder to predict which way it will go. Therefore, it is necessary to regularly identify targets using solid Fibonacci lines.
