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- USD/JPY is trading near a 7-month low
USD/JPY is trading near a 7-month low
Today, the USD/JPY pair is trading in the range of 143.85-146.40 after falling yesterday to a 5-month low of 141.70. On the hourly chart, USD/JPY fell below the moving average line of MA (200) H1 (150.45) and on the four-hour chart remains below MA (200) H4 (156.95). Technically speaking, the support of 141.70 keeps USD/JPY from further decline. 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: 146.50, 150.45-151.00, 155.30
⦁ Support levels are: 141.70 140.25, 138.10
The main scenario for the pair's promotion assumes a breakout of the support of 141.70 (Aug 5 low) and may be a decrease to 140.25 (Dec 28 low)
An alternative scenario implies a breakout of the session maximum of 146.50 and there may be an increase to 150.45-151.00 (Aug 1 high, MA (200) H1)
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