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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 the range of 157.75-158.40 - slightly above the 3-week low of 157.35 reached last week. On the hourly chart, the pair fell below the moving average line MA (200) H1 (160.60) and on the four-hour chart slightly below MA (200) H4 (158.70). Technically speaking, the support of 157.35 can keep the pair from further decline. In case of breaking through this level, the pair may fall to 155.70. The upper limit of 159.45 represents a strong resistance level, but after breaking through it, the pair may try to reach 162.00 again.
⦁ Resistance levels are: 159.45, 160.60, 162.00
⦁ Support levels are: 157.35, 155.70, 155.10
The main scenario for the pair's promotion assumes a breakout of the support of 157.35 (July 12 low) and there may be a decrease of 155.70 (June 12 low).
An alternative scenario implies a breakout of the resistance of 159.45 (July 12 high) and MA (200) H1 (160.60) and there may be an increase to 162.00 (July 3 high)
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