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- USD/JPY is trading near a 2-month low
USD/JPY is trading near a 2-month low
Today, the USD/JPY pair is trading in the Y138.05-80 range, hitting a 2-month low. On the hourly chart, the pair fell below the MA (200) H1 moving average line (Y142.45) and on the four-hour chart below the MA (200) H4 (Y141.55). In this situation, the scenario of further decline in USD/JPY pair is likely. Finding a sell position may be a wise decision for those who want to take advantage of a stronger Japanese Yen.
⦁ Resistance levels are: Y139.75, Y141.45, Y143.00
⦁ Support levels are: Y138.05, Y137.40, Y136.25
The main scenario for the pair suggests a break of the Y138.05 session low and a possible decline to Y137.40 (May 18 low)
The alternative scenario implies a break of the resistance at Y139.75 (high of the US session on July 12) and a possible rise to Y141.45 (July 11 high).
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