Technical Analysis
02.08.2024, 12:00

USD/JPY is trading near a 4-month low

Today, the USD/JPY pair is trading in the range of 148.60-149.80 - near the 4-month low of 148.50 reached yesterday. On the hourly chart, USD/JPY fell below the moving average line MA (200) H1 (153.00) and on the four-hour chart remains below MA (200) H4 (157.75). Technically speaking, the support of 148.50 has so far kept USD/JPY from further decline. In case of breaking through this level, the pair may fall to 148.00. The upper limit of 155.30 represents a strong resistance level.


Resistance levels are: 151.00, 153.00, 155.30

Support levels are: 148.50, 148.00, 147.25


The main scenario for the pair's promotion assumes a breakout of support at 148.50 (Aug 1 low) and may be a decrease to 148.00 (March 15 low)

An alternative scenario implies a breakout of the resistance of 151.00 (Aug 1 high) and MA (200) H1 (153.00) and there may be an increase to 155.30 (July 30 high)

Quotes
Symbol Bid Ask Time
AUDUSD
EURUSD
GBPUSD
NZDUSD
USDCAD
USDCHF
USDJPY
XAGEUR
XAGUSD
XAUUSD

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