[Daily Chart]
[4-hour Chart]
Tokyo Time Strategy
After experiencing a decline at the onset of yesterday's Tokyo market, there was an attempt to recover. With the U.S. economic indicators showing weak results, dollar-selling became predominant. The dollar rebounded around the middle of 146, but the upside has been heavy in the early 147 range.
Daily Chart
A lower wick bullish candlestick has been confirmed for the day before yesterday and yesterday, so there might be stabilization today and attempts to recover. However, viewed in a broader perspective, there is a possibility of a slowing decline within a downtrend and it may stay 'range-bound'. The bottom is around 147.00, the trend line around 146.90 provides support, while the top around 147.30 to 40 acts as the neckline. It's important to observe which direction it will break from here.
4 Hours Chart
It seems poised to rise by raising the lower price, but the upside is appearing heavy around 147 yen 40 where the middle line and baseline are. It has formed an ascending triangle, so as of this morning, it's 'range-bound with an upward view', but needs monitoring to see whether it can exceed around 147 yen 25 where the middle resistance line is and around 147 yen 40 where the baseline is.
60 Minutes Chart
The Bollinger Band is in a squeeze state and has assumed a range. After rising to the +2σ of the Bollinger Bands, there has been a drop. Thus, if it finds support around 147.00 and 146.90, and buying pressure increases, there might be a possibility to break above, but it seems heading for a range-bound trade scenario.
USD/JPY forecast for today
As the lower wick bullish candlestick continued on the daily chart, stabilization is anticipated. However, since there is likely no major catalyst to drive a breakout, and the upside might experience resistance, a 'range-bound' trend is envisaged. The lower limit is from around 147.00 to 146.90, while the upper limit is from around 147.30 to 40. If it exceeds around 147.25, then around 147.40 is the point to see if the upside meets heavy resistance. If it breaks out, then around 147.50, 147. 70, up to 147.80 is expected. If the upside starts to decline intensely around 147.20 to 25, then around 147.00, 146.90 could be the points to watch. If it drops further from here, a shift to selling mode could occur, with potential downside points around 146 .80, 146.70, 146.50, down to around 146.30 to 20! If the selling activity intensifies, it might result in making a new low on the daily chart, necessitating caution. As of past 8am, the 15-minute chart seems to be heading for a rise, which suggests that recovery (rise) is likely to be attempted first.
USD/JPY, Today's Forecast Range
