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- USD/JPY is trading near an 11-month high.
USD/JPY is trading near an 11-month high.
The USD/JPY pair fell from 149.50 to 148.50 in early trading today, but rallied to 149.30 during the European session. The pair remains near the 11-month high of 149.70 reached on Wednesday. On the hourly chart, the pair is testing the MA (200) H1 moving average line (148.55) but remains above the MA (200) H4 (147.00) on the four-hour chart. Technically speaking, resistance at 149.70 may keep prices from rising further. If this level is passed, the pair could rise to 152.00. The lower boundary of 147.30 represents a support level.
⦁ Resistance levels are: 149.70, 152.00, 153.00
⦁ Support levels are: 148.50, 147.30, 147.00
The main scenario for the pair suggests a break of resistance at 149.70 (Sept 27 high) and there could be a rise to 152.00 (Oct 21’ 2022 high).
The alternative scenario implies a break of the session low of 148.50 and maybe a decline to 147.30 (Sept 21 low)
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