Dollar-Yen Forecast February 19

■ USD/JPY Daily Chart Forecast Today

From the USD/JPY daily chart, the pair is in an uptrend while forming a clean Dow Theory pattern. However, it was rapidly pushed down after hitting the purple 200 MA, which is seen as the single powerful resistance level that institutional investors are watching. Therefore, the purple 200 MA is expected to function as a strong resistance line. After the decline, it was then bounced off the support line at ¥110.360, which is believed to be a stronger resistance turned support, so this line is also expected to function as a support line. Additionally, from a Dow Theory perspective, the completion of one upward step suggests the formation of another uptrend, but the purple 200 MA is expected to once again act as a strong resistance and stop the advance.
What about the 4-hour and 1-hour forecasts and analyses? Can an entry be made after all? Continue here