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- USD/JPY is trading near a new high in 1986
USD/JPY is trading near a new high in 1986
Today, the USD/JPY pair is trading in the range of 160.70-161.15 - near the new 1986 maximum value of 161.30, reached last week. On the hourly chart, the pair rose above the moving average line MA (200) H1 (159.65) and on the four-hour chart above MA (200) H4 (157.40). Technically speaking, the resistance level of 161.30 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: 161.30, 162.00, 163.00
⦁ Support levels are: 160.25, 159.65, 158.70
The main scenario for the pair's promotion assumes a breakout of resistance at 161.30 (June 28 high) and there may be an increase to the psychological level of 162.00.
The alternative scenario implies a breakout of the support of 160.25 (June 27 low) and MA (200) H1 (159.65) and there may be a decrease to 158.70 (June 21-24 low)
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