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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 Y125.05-70 - about a 7-year high, after reaching yesterday the maximum value since 2002 (Y126.30). On the hourly chart, the pair remains above the moving average line MA (200) H1 (Y124.35) and on the four-hour chart - above MA (200) H4 (Y120.20). 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: Y125.75, Y126.30, Y127.00
⦁ Support levels are: Y124.75, Y124.20-35, Y123.45
The main scenario for the pair's promotion — the resistance breakthrough is Y125.75 (April 11-12 high) and there may be an increase to Y126.30 (April 13 high)
An alternative scenario — support breakthrough is Y124.75 (April 12 low) and there may be a decline to Y124.20-35 (April 11 low, MA (200) H1)
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