Technical Analysis
13.04.2022, 11:50

USD/JPY has reached a record high

Today, the USD/JPY pair continued to grow, reaching a record high of Y126.30. During European trading, the pair declined to 125.70 and is trading near a 7-year high. On the hourly chart, the pair remains above the moving average line MA (200) H1 (Y124.00) and on the four-hour chart - above MA (200) H4 (Y119.90). 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 70 level, which signals a possible change in the direction of price movement.

 

Resistance levels are: Y126.30, Y127.00, Y128.00

Support levels are: Y124.75, Y124.00-20, Y123.45


The main scenario for the pair's promotion — if the session maximum of Y126.30 is broken, the pair may rise to the psychological level of Y127.00

An alternative scenario — support breakthrough is Y124.75 (April 12 low) and there may be a decline to Y124.00-20 (April 11 low, MA (200) H1)

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

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