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- USD/JPY is trading near 12-week high
USD/JPY is trading near 12-week high
Yesterday the USD/JPY was trading higher and closed the day in positive territory around the Y105.00. Today it was trading in a narrow range of Y104.90-05, staying close to the 12-week high. On the hourly chart, USD/JPY is still trading above the MA line (200) H1 (Y104.20). 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: Y105.15, Y105.40, Y105.65
Support levels are at: Y104.60, Y104.05-20, Y103.55-65
Probably, the main scenario - is the continuation of the upward movement to Y105.15 (Feb 2 high). An alternative scenario - may be consolidation below MA 200 H1, followed by a decline to Y103.35 (Jan 21 low).
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