Dollar/Yen Forecast April 2
■ USD/JPY Daily Chart Forecast Today
From the USD/JPY daily chart, looking at it, on the daily chart the price is positioned right in the middle of the purple 200 MA, which is considered the only strong resistance wall along with the red 20 MA that institutional investors watch, and it had a high likelihood of being pushed downward from above that level. However, it unexpectedly broke upward instead, disappointing expectations. This has effectively negated the downtrend, making it likely that the price will enter a range-bound state from here. It is confirmed that the line around 111.368 yen, which appears to have a strong look and shows a upper wick and stall, is functioning as a wall. At the current moment, even if the price breaks above 111.368 yen from below, it is highly likely to be stopped soon after at the nearby trendline resistance above, suggesting that the upside is heavy.
