Dollar/Yen forecast May 1
■ Dollar/Yen Forecast Today’s Daily Chart
From the daily chart of USD/JPY. On the USD/JPY daily chart, the momentum that once surged toward the uptrend six candles ago has completely faded, and it has now entered a resigned downtrend phase. The price has consecutively made lower highs for six candles, making a double top appearance highly likely. The chart pattern "flag" rising trendline support has also broken, making a downtrend through this point more probable. Currently, the current price sits right above a seemingly strong support line at 111.368 yen, and institutional investors are watching as well; the price is squeezed between the purple 200 MA, which is considered a powerful wall on movement averages, and the red 20 MA, which is the middle band of the Bollinger Bands. As a result, it may stay in a range for a while or experience volatility to break through these walls.
