Technical Analysis
20.11.2020, 06:18

USD/JPY is trading near 2-week low

Yesterday the USD/JPY traded in different directions in the Y103.70-Y104.20 range and closed the day without significant changes. Today it was trading in a narrow range of Y103.70-90, staying close to yesterday's closing price. On the hourly chart, USD/JPY is still trading below the MA (200) H1 (Y104.65) moving average line. The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking 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: Y104.20, Y104.55, Y105.10

  • Support levels are at: Y103.65, Y103.20, Y103.00

Probably, the main scenario - is the continuation of the downward movement to Y103.65 (Nov 18 low). An alternative scenario - may be consolidation above MA 200 H1, followed by a rise to Y105.65 (Nov 11 low).

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