Technical Analysis
16.09.2020, 05:06

USD/JPY continues to decline yesterday

The USD/JPY was trading lower yesterday and closed the day in the red around the Y105.40. It also dropped slightly today, dropping to Y105.20. On the hourly chart, USD/JPY is still trading below the MA line (200) H1 (Y106.05). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth adhering to the south direction in trading and while the USD/JPY remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.

  • Resistances levels are at: Y105.50, Y105.80, Y106.00

  • Support levels are at: Y105.10-20, Y104.55, Y104.20

Probably, the main scenario - is the continuation of the downward movement to Y105.20 (Aug 28 low). An alternative scenario - final consolidation above MA 200 H1, followed by a rise to Y106.35 (Sep 8 high).

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