Dollar-yen forecast April 10

■ Dollar/Yen Daily Chart Forecast for Today

From the daily chart of USD/JPY, looking at the daily chart, USD/JPY formed two long bearish candles in a row, and it retraced to the level where, about a week ago, institutional investors were watching and the only moving average, the powerful resistance 200-day moving average (purple 200MA), would act as a strong wall if it were to be broken from below. In two days, the previous uptrend was negated. Currently, from above to below, the current price is touching the purple 200MA and has a wick and is being pushed back, so this purple 200MA is expected to function as support. In general, it is known that downward moves are faster than upward moves, but given how clearly this is playing out, one has to admit that the upside is heavy for now. Also, highs are gradually being worn down, so going forward, a bearish bias is expected to strengthen.

What are the predictions and analysis for the 4-hour and 1-hour charts? Ultimately, can an entry be made? Read more