USD/JPY Forecast May 3

■ USD/JPY daily forecast today chart

From the USD/JPY daily chart, the daily candles have consecutively formed lower highs. Recently, they slightly surpassed the recent high and appear to be entering a range-bound state. Above the current price, the middle band of the Bollinger Bands is the red 20-period moving average, and below there is a strong-looking USD/JPY 111.368 yen line. Further below, there is the purple 200-period moving average which is said to act as a powerful wall that institutional investors pay attention to and where only this moving average has historically functioned as such. It is expected that price will move between these levels for a while.
What are the forecasts and analyses for the 4-hour and 1-hour charts? In the end, can we enter? Read more