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- USD/JPY is trading near a historical high
USD/JPY is trading near a historical high
Today, the USD/JPY pair is trading in the range of 153.60-154.70 - near the historical maximum of 154.80 reached this week. On the hourly chart, the pair failed to break through the MA (200) H1 (153.60) moving average line and remained above MA (200) H4 (151.05) on the four-hour chart. Technically speaking, the resistance level of 154.80 can keep prices from further growth. If it breaks through, the pair may rise to the psychological level of 155.00. The lower limit of 152.60 represents a strong support level.
It is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the 70 level, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: 154.80, 155.00, 156.00
⦁ Support levels are: 153.60, 152.60, 151.55
The main scenario of the pair's promotion assumes a breakout of the resistance of 154.80 (April 16 high) and there may be an increase to the psychological level of 155.00
An alternative scenario implies a breakout of the session minimum of 153.60 and may be a decrease to 152.60 (April 12 low).
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