Dollar/Yen forecast January 8

■ USD/JPY Forecast Daily Chart

From the daily chart of USD/JPY, we can see that after a sharp drop began recently, the price nearly retraced to near the previous levels, and if support and resistance flip to give a downside signal below the 108.121 yen line, it would go lower. However, it has returned to the range between the 108.121 yen line and 109.193 yen, and is currently moving within this range. For a while, it is expected to stay within this range between the 108.121 yen line and 109.193 yen. Therefore, from a viewpoint perspective, a pattern of returning to the 20-period moving average due to a deviation is considered strong. As for the most recent movement, the expected rise toward around the 109.193 yen resistance for USD/JPY is anticipated.

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