Technical Analysis
12.01.2021, 12:53

USD / JPY is trading near a one-month high

Today, the USD/JPY pair is trading in the Y104.10-30 range, after rising yesterday to a one-month high of Y104. 40. On the hourly chart, USD / JPY is trading above the moving average line of MA (200) H1 (Y103. 40), and on the four-hour chart - above MA (200) H4 (Y103.80). Technically speaking, a strong resistance level of Y104.40 can keep the pair from further growth. If it breaks through, the price can soar to Y104.60-75. It is worth noting that on the hourly chart, a bearish divergence has formed on the MACD indicator, which signals a possible change in the direction of price movement.

 

Resistance levels are: Y104.40, Y104.60-75, Y105.15

Support levels are: Y104.00, Y103.40-60, Y102.95


The main scenario for the pair's promotion - if yesterday's high of Y104.40 is broken, then the pair may grow to Y104. 60-75 (December 1-2 and 10 highs)

An alternative scenario -  breakout of support Y104. 00 (low of the European session on January 11) and, probably, the pair's decline to Y103. 40-60 (January 8 low, MA (200) H1)

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

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