Dollar-Yen Forecast March 5
■ USD/JPY Daily Chart Forecast for Today
From the USD/JPY daily chart, the price action currently forms a clean Dow Theory with a steady uptrend. Large institutions are paying attention, and the key strong barrier is the purple 200-day moving average (200MA); the price has broken upward from below the line at 111.368 and is now in between the support line at 111.368 and the resistance line at 112.206, moving within that range. Recently, it seemed it would reach the higher resistance level of 112.206, but it reversed just before reaching it and did not attain it. Going forward, it’s expected to move within the range between the 111.368 support and the 112.206 resistance.
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