Dollar/Yen forecast January 7
■Dollar/Yen Daily Chart Forecast Today
From the daily chart of the dollar/yen, the price has nearly retraced to around 108.980 yen where the recent plunge began, and is currently hovering around 108.400 yen. Since it has retraced into the range bounded by the previously strong resistance at 109.193 yen and the support at 108.121 yen, it is expected to move within this range for the time being. Looking at the Bollinger Bands, there are signs of convergence, so going forward it is expected that the price will move upward toward returning to the 20 MA due to the divergence.
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