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- USD/JPY is trading near a 7-year high
USD/JPY is trading near a 7-year high
Today, the USD/JPY pair is trading in the range of Y125.10-80, having reached a more than 7-year high yesterday (Y125.80). On the hourly chart, the pair remains above the moving average line MA (200) H1 (Y123.55) and on the four-hour chart - above MA (200) H4 (Y119.55). In this situation, a scenario of further growth of the USD/JPY pair is likely and finding a buy position may be a wise decision.
However, it is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the level of 70, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: Y125.80-90, Y127.00, Y128.00
⦁ Support levels are: Y125.10, Y123.45-65, Y122.25
The main scenario for the pair's promotion — if the resistance of Y125.80-90 (June 5’ 2015 high and April 11 high) is broken, then the pair can rise to the psychological level of Y127.00
An alternative scenario — the breakout of the session minimum is Y125.10 (March 28 high) and there may be a decline to Y123.45-65 (April 6-8 lows, MA (200) H1)
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