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- USD/JPY remains below MA (200) H1
USD/JPY remains below MA (200) H1
Today, the USD/JPY pair is trading in the range of Y128.95-129.55 after reaching a 2-week low of Y127.55 last week. Recall that a week ago the pair reached a new 20-year high (Y131.35). On the hourly chart, USD/JPY remains below the moving average line of MA (200) H1 (Y129.70), but on the four-hour chart it is trading above MA (200) H4 (Y127.70). Technically speaking, the support of Y128.70 can keep prices from falling. The upper bound of Y131.35 represents the resistance level.
⦁ Resistance levels are: Y129.70-80, Y130.80, Y131.35
⦁ Support levels are: Y128.70, Y127.55, Y126.95
The main scenario for the pair's promotion — resistance breakout is Y129.70-80 (May 17 high, MA (200) H1) and there may be an increase to Y130.80 (May 11 high)
An alternative scenario — support breakout is Y128.70 (May 16 low) and there may be a decline to Y127.55 (May 12 low)
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