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- USD/JPY is trading near a monthly low
USD/JPY is trading near a monthly low
Today, the USD/JPY pair is trading mainly with a decline in the range Y126.55 -127.55 after falling on Tuesday to a monthly low (Y126.35). On the hourly chart, the pair remains below the moving average line MA (200) H1 (Y128.05). The situation is similar on the four-hour chart. Technically speaking, the support of Y126.35 can keep prices from further decline. The upper bound of Y128.95 represents the resistance level.
⦁ Resistance levels are: Y128.05-30, Y128.95, Y129.80
⦁ Support levels are: Y126.35, Y124.80, Y123.45
The main scenario for the pair's promotion — support breakthrough is Y126.35 (May 24 low) and there may be a decline to Y124.80 (April 12 low)
An alternative scenario — resistance breakout is Y128.05-30 (May 20-24 highs, MA(200) H1) and there may be an increase to Y128.95 (May 19 high)
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