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- USD/JPY is trading near a 3-week low
USD/JPY is trading near a 3-week low
Today, the USD/JPY pair is trading in a wide range of 157.75-159.40 after a sharp decline yesterday to a 3-week low of 157.50. Yesterday, the pair broke through the support of 160.25, which became the nearest resistance. On the hourly chart, the pair fell below the moving average line MA (200) H1 (161.00) and on the four-hour chart it is testing MA (200) H4 (158.65). Technically speaking, the support of 157.50 can keep the pair from further decline. In case of breaking through this level, the pair may fall to 156.60. The upper limit of 162.00 represents a strong resistance level.
⦁ Resistance levels are: 160.25, 161.00, 162.00
⦁ Support levels are: 157.50, 156.60, 155.70
The main scenario for the pair's promotion assumes a breakout of the support of 157.50 (June 18 and July 11 low) and there may be a decrease of 156.60 (June 13 low).
An alternative scenario implies a breakout of the resistance of 160.25 (June 27-28 and July 8 low) and MA (200) H1 (161.00) and there may be an increase to 162.00 (July 3 high)
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