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- The USD/JPY is testing MA 200 H1 support
The USD/JPY is testing MA 200 H1 support
Yesterday the USD/JPY traded down and closed the day in the red zone near the price of Y138.90. Today it, on the contrary, rose a little, having risen to the level of Y139.30. On the hourly chart, USD/JPY is testing the strength of the support - the line of the moving average MA (200) H1 (Y139.60). On the four-hour chart, the USD/JPY is still above the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the USD/JPY remains above MA 200 H4, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: Y139.95, Y140.25, Y140.45
Support levels are at: Y138.75, Y138.35-45, Y138.00
Probably, the main scenario is the resumption of the upward movement to Y139.95 (the high of the European session on Jun 8).
The alternative scenario suggests consolidation below MA 200 H1, followed by a fall towards Y137.45 (May 19 low).
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