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- USD/JPY is still testing MA 200 H1 support
USD/JPY is still testing MA 200 H1 support
Yesterday the USD/JPY traded lower and closed the day in the red near the price of Y129.05. Today it rose a little, rising to Y129.45. On the hourly chart, USD/JPY is testing the strength of the support - the line of the moving average MA (200) H1 (Y129.75). On the four-hour chart, it is still above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading, and as long as the USD/JPY remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: Y129.60, Y130.05, Y130.80-90
Support levels are at: Y128.35-45, Y127.55, Y126.95
Probably, the main scenario is continued growth towards Y129.60 (May 16 high).
Alternative scenario is consolidation below MA 200 H1, followed by decline to Y127.55 (May 12 low).
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