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- USD/JPY trades around monthly low
USD/JPY trades around monthly low
Today, the pair USD/JPY basically drops from Y141.45 to Y140.20, reaching the monthly minimum. Yesterday, the pair broke through support for Y142.10, which became the closest resistance. On the hour chart, the pair dropped below the line of moving average MA (200) H1 (Y143.75) and on the four-hour chart below MA (200) H4 (Y141.55). In this situation, a scenario of further decline of USD/JPY is likely. Finding a position to sell may be a wise solution for those who want to benefit from a stronger Japanese yen.
⦁ Resistance levels are: Y142.10, Y143.00, Y144.20
⦁ Support levels are: Y140.20, Y139.30, Y138.80
The basic scenario of the pair’s promotion presupposes a breakthrough of the sessional minimum Y140.20 and may be a decrease to Y139.30 (June 14 low)
An alternative scenario implies a breakthrough of the resistance of Y142.10 (July 7 low) and may increase to Y143.00 (July 10 high)
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