Dollar/Yen Forecast April 8
■ USDJPY Forecast Today's Intraday Chart
From the daily chart of USD/JPY. On the daily chart, there have been consecutive bullish candles recently and the uptrend has revived. The line at 111.368 yen appears to be acting as support, with the candlestick showing a lower wick and bounce, suggesting a support-resistance reversal. Also, since the current price is above the purple 200 MA, which is considered a powerful barrier and watched by institutional investors as the only moving average, this implies a buying bias. The red line 20 MA is starting to tilt upward, and the Bollinger Bands show signs of widening, indicating that the probability of moving higher in the future is high.
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