Technical Analysis
16.10.2020, 04:51

USD/JPY remains below MA 200 H1

Yesterday the USD/JPY was trading higher and closed the day in positive territory around the price of Y105.40. Today it dropped slightly and dropped to Y105.20. On the hourly chart, USD/JPY is still trading below the MA (200) H1 (Y105.60) moving average line. On the four-hour chart, it remains below the MA 200 H4 line. 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: Y105.50-60, Y105.90, Y106.10-15

  • Support levels are at: Y105.05, Y104.85, Y104.40

Probably, the main scenario - is the continuation of the downward movement to Y105.05 (Oct 14 low). An alternative scenario - may be consolidation above MA 200 H1, followed by a rise to Y106.10 (Oct 8 high).

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