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- USD/JPY remains near a 20-year high
USD/JPY remains near a 20-year high
Today, the USD/JPY pair is trading in the range of Y129.65-130.50 after reaching a new 20-year high of Y131.25 last week. On the hourly chart, the pair rose above the moving average line MA (200) H1 (Y128.70), and on the four-hour chart it remains above MA (200) H4 (Y124.55). Technically speaking, the resistance of Y131.25 can keep prices from further growth. The lower bound of 126.95 represents the support level.
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: Y130.50, Y131.25, Y132.00
⦁ Support levels are: Y129.30, Y128.30, Y126.95
The main scenario for the pair's promotion — the breakout of the session maximum is Y130.50 and there may be an increase to Y131.25 (April 28 high)
An alternative scenario — support breakout is Y129.30 (April 29 low) and there may be a decline to Y128.30 (April 28 low)
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