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- The USD/JPY still testing support for MA 200 H1
The USD/JPY still testing support for MA 200 H1
Yesterday, the USD/JPY traded in different directions in the range of 160.25-161.10 and closed the day without significant changes. Today it has grown, rising to the level of 161.10. On the hourly chart, USD/JPY is testing the strength of support - the moving average line MA (200) H1 (161.05). On the four-hour chart, the pair still remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 200 H1, may be need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 161.30-40, 161.95, 163.00
- Support levels are at: 160.50, 160.25, 160.00
Probably, the main scenario for the pair’s progress is a resumption of growth to 161.30 (the high of the American session on Jul 5).
The alternative scenario is consolidation below MA 200 H1, followed by a decline to 159.15 (Jun 25 low).
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