Technical Analysis
16.10.2020, 12:05

USD/JPY remains below MA (200) H1

Today, the USD/JPY pair is trading mainly with a decline, losing most of the positions gained yesterday: the pair fell to Y105.20, after rising yesterday to Y105.50. The pair is trading below the MA (200) H1 moving average line (Y105.60). The situation is similar on the four-hour chart. In this situation, it is probably worth continuing to stick to the southern direction in trading and it may be worth looking for points of entry to sell. The most likely range of movement of the pair today may be hidden within the range of Y105.00-60.

Resistance levels are at: Y105.50-60, Y105.80, Y106.05-10

Support levels are at: Y104.90-105.00, Y104.40, Y104.00

The main scenario for the pair's promotion - correction, breakout of the 104.90-105.00 area (October 2 and 14 lows) and a likely decline in the pair to Y104.40 (September 22 low)

An alternative scenario - breakout of the Y105.50-60 area (highs on October 13-15, MA (200) H1) and possible growth to Y105.80 (September 30 and October 5-6 highs).

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