Dollar-Yen Forecast March 11
■ USD/JPY Daily Chart Forecast Today
Looking at the daily chart for USD/JPY. On the daily chart, there have been three consecutive bearish candles, erasing the prior uptrend, returning to a lower stage between the support line at 110.360 and the resistance line at 111.368. Even though institutions, which had been holding back for a long period, noticed it and finally managed to push through the purple 200 MA from bottom to top, the price has again come back there, and the current price sits just above the purple 200 MA. It is also exactly overlapping with the red 20 MA, and since the previous candle closed with a lower wick and rebounded, these moving averages are highly likely to be acting as support and providing downside protection, but there is also a possibility of slipping further down from here.
