Technical Analysis
20.11.2020, 13:04

USD / JPY remains below MA (200) H1

Today, the USD / JPY pair is trading in a narrow range near a two-week low of Y103. 80, after rising yesterday to Y104. 20. On the hourly chart, the pair fell below the moving average line MA (200) H1 (Y104.60), and on the four - hour chart-below MA (200) H4 (Y104.85). In this situation, finding a sell position may be a wise decision for those who want to take advantage of the stronger Japanese yen.

Resistance levels are at:  Y104.20, Y104.60, Y105.15

Support levels are at: Y103.65, Y103.15, Y102.00

The main scenario for the pair's promotion - breakout of support Y103.65 (November 18 low) and continuation of the downward movement to Y103. 15 (November 6-9 low)

An alternative scenario - if the resistance is broken through Y104.20 (November 19 high), the pair is likely to grow to Y104.60 (November 17 high, MA (200) H1)

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