Yesterday the USD/JPY was trading higher and closed the day in positive territory around the price of Y103.90. Today it rallied slightly, rising to Y104.20. On the hourly chart, USD/JPY is still trading above the MA line (200) H1 (Y103.50). The situation is similar on the four-hour chart. Based on the foregoing, 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 to form a correction.
Resistances levels are at: Y104.30-40, Y104.70, Y105.10
Support levels are at: Y103.50, Y102.95, Y102.60
Probably, the main scenario - is the continuation of the upward movement to Y104.30 (Jan 12 high). An alternative scenario - may be consolidation below MA 200 H1, followed by a decline to Y102.60 (Jan 6 low).
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