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- USD/JPY remains near the highs of 2002
USD/JPY remains near the highs of 2002
Today, the USD/JPY pair is trading in the range of Y127.70-128.75 after rising on Wednesday to a new 20-year high of Y129.40. On the hourly chart, the pair remains above the moving average line of MA (200) H1 (Y127.00) and on the four-hour chart - above MA (200) H4 (Y122.40). Technically speaking, the resistance of Y129.40 can keep prices from further growth. The lower bound of 126.25 represents the support level.
It is also 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: Y128.75, Y129.40, Y130.00
⦁ Support levels are: Y127.45, Y126.25, Y124.75
The main scenario for the pair's promotion — resistance breakout is Y128.75 (April 21 high, session maximum) and there may be an increase to Y129.40 (April 20 high)
An alternative scenario — support breakout is Y127.45 (April 20 low) and there may be a decline to Y126.25 (April 18 high)
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