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- USD/JPY is trading near the 1986 high
USD/JPY is trading near the 1986 high
Today, the USD/JPY pair is trading in the range of 160.30-75, having reached the 1986 maximum value of 160.90 yesterday. On the hourly chart, the pair remains above the moving average line MA (200) H1 (158.90) and on the four-hour chart above MA (200) H4 (157.10). Technically speaking, the resistance level of 160.90 can keep the pair from further growth. If it breaks through, the pair is likely to rise to 162.00. The lower limit of 158.70 represents a strong support level.
However, 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: 160.40, 161.00, 162.00
⦁ Support levels are: 158.70-90, 157.50, 156.60
The main scenario for the pair's promotion assumes a breakthrough of yesterday's high of 160.90 and may be an increase to the psychological level of 162.00.
An alternative scenario implies a breakout of the support of 158.70-90 (June 21 low, MA (200) H1) and there may be a decrease to 157.50 (June 18 low)
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