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- USD/JPY is trading below MA 200 H1
USD/JPY is trading below MA 200 H1
The USD/JPY was trading lower yesterday and closed the day in the red around the Y109.45. Today it was trading in a narrow range of Y109.35-60, staying close to yesterday's closing price. On the hourly chart, USD/JPY is still trading below the moving average MA (200) H1 (Y110.00). 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 entry points to sell on the formation of a correction.
Resistances levels are at: Y109.90, Y110.25, Y110.55-65
Support levels are at: Y109.35, Y109.00-10, Y108.70
Probably, the main scenario is the continuation of the downward movement to Y109.35 (Jul 20 low). An alternative scenario is consolidation above MA 200 H1, followed by a rise to Y110.80 (Jul 7 high).
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