Dollar/Yen forecast April 9
■Dollar-Yen Forecast Today’s Daily Chart
From the daily chart of the dollar-yen, we can see that after a streak of bullish candles since recently, a two-day decline formed a lower low, creating a bearish candle and temporarily halting the rising trend. Although there was a sharp drop at one point, the decline appears to be contained at the 111.368 yen level, which suggests that this 111.368 yen line is functioning as a support level. Institutional investors are also watching, and the price is above the purple 200 MA, which is regarded as a strong resistance level on moving averages, indicating a bullish bias since it is held at the 111.368 yen support. However, since the recent highs are gradually being lowered, a straightforward uptrend may be unlikely.
