Dollar-Yen Forecast May 7

■ USD/JPY Daily Chart Forecast Today

From the daily chart of USD/JPY, let's take a look. On the daily chart, although the pair opened a gap and fell recently, it touched a long spike at the 110.360 yen level, appeared strong, and filled the gap by stopping exactly there. Currently, the gap filling is nearly complete, and it is expected to gain fresh momentum from here. At present, institutional investors are paying attention, and the purple 200 MA, which is said to function as a strong resistance when viewed as a wall on the moving averages, sits above the current price. It seems to be at a phase where it could break above from below or act as a resistance and push it back downward. Since a double-top pattern has already been confirmed, there is a high likelihood that it will be pushed back down by the purple 200 MA and a downtrend may emerge.
What are the forecasts and analyses for the 4-hour and 1-hour charts? In the end, can an entry be made? Read more