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- USD/JPY drops to 7-month low
USD/JPY drops to 7-month low
Today, the USD/JPY pair continues to decline and dropped from 146.50 to a 7-month low of 141.80. The pair broke through the support of 148.55, which became the nearest resistance. On the hourly chart, USD/JPY fell below the moving average line of MA (200) H1 (151.65) and on the four-hour chart remains below MA (200) H4 (157.30). Technically speaking, the support of 141.80 keeps USD/JPY from further decline for now. In case of breaking through this level, the pair may fall to 140.25. The upper limit of 155.30 represents a strong resistance level.
⦁ Resistance levels are: 148.55, 151.00-65, 155.30
⦁ Support levels are: 141.80 140.25, 138.10
The main scenario for the pair's promotion assumes a breakout of the session low of 141.80 (Jan 3 low) and may be a decrease to 140.25 (Dec 28 low).
An alternative scenario implies a breakout of the resistance of 148.55 (Aug 2 low) and there may be an increase to 151.00-65 (Aug 1 high, MA (200) H1).
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