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- USD/JPY is trading at a 6-week high
USD/JPY is trading at a 6-week high
Today, the USD/JPY pair is mainly growing in the range of 157.90-158.50, reaching a new 6-week high. On the hourly chart, the pair remains above the moving average line MA (200) H1 (157.40) and on the four-hour chart above MA (200) H4 (156.45). Technically speaking, the resistance level of 160.20 kept the pair from further growth. If it breaks through, the pair is likely to rise to 161.00. The lower limit of 155.70 represents a strong support level.
⦁ Resistance levels are: 160.20, 161.00, 162.00
⦁ Support levels are: 157.40-50, 156.60, 155.70
The main scenario for the pair's promotion assumes a breakout of resistance at 160.20 (April 29 high) and there may be an increase to the psychological level of 161.00
An alternative scenario implies a breakout of the support of 157.40-50 (June 18 low, MA (200) H1) and the support of 156.60 (June 13 low) and there may be a decrease to 155.170 (June 12 low)
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