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- USD/JPY rose to a new 38-year high
USD/JPY rose to a new 38-year high
Today, the USD/JPY pair is trading in the range of 161.40-90, having reached a new 38-year high and is approaching the psychological level of 162.00. On the hourly chart, the pair rose above the moving average line MA (200) H1 (160.45) and on the four-hour chart above MA (200) H4 (157.80). Technically speaking, the resistance level of 162.00 can keep the pair from further growth. If it breaks through, the pair is likely to rise to 163.00. The lower limit of 160.25 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: 162.00, 163.00, 164.00
⦁ Support levels are: 161.25, 160.25-45, 158.70
The main scenario of the pair's promotion assumes a breakthrough of the psychological level of 162.00 and there may be an increase to the psychological level of 163.00.
An alternative scenario implies a breakout of support at 161.25 (July 2 low) and may be a decrease to 160.25-45 (June 27 low, MA (200) H1)
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