Dollar-Yen Forecast April 17
■ USD/JPY Daily Chart Forecast for Today
From the USD/JPY daily chart, the price has been stopping at a major high since recently, indicating that upside movement is restrained. Institutional investors are paying attention, and the 200-day moving average in purple, which is said to act as a strong resistance, along with the mid-band of the Bollinger Bands represented by the red 20-day moving average, are both slightly turning upward, and signs of Bollinger Bands widening suggest an environment supportive of a rise. However, given that it sits at a significant high and just above there are two strong resistance lines at 112.206 and 112.306 yen, a breakout above these levels is not expected to be easy.
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