Technical Analysis
17.11.2020, 06:23

USD/JPY is testing MA 200 H1 support

Yesterday the USD/JPY traded in different directions in the Y104.35-Y105.10 range and closed the day without significant changes. Today it also traded in a narrow range of Y104.40-55, staying close to yesterday's closing price. On the hourly chart, USD/JPY is testing its support - the MA (200) H1 (Y104.60) moving average line. On the four-hour chart, it remains below the MA 200 H4 line. Based on the above, it is probably worth sticking to the northern direction in trading, and while the USD/JPY remains above MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.

  • Resistances levels are at: Y105.10, Y105.40, Y105.65-70

  • Support levels are at: Y104.35, Y104.15, Y103.20

Probably, the main scenario - is the continuation of the upward movement to Y105.10 (Nov 16 high). An alternative scenario - may be consolidation below MA 200 H1, followed by a decline to Y103.20 (Nov 9 low).

Quotes
Symbol Bid Ask Time
AUDUSD
EURUSD
GBPUSD
NZDUSD
USDCAD
USDCHF
USDJPY
XAGEUR
XAGUSD
XAUUSD

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