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- The USD/JPY trading near August highs
The USD/JPY trading near August highs
Yesterday, USD/JPY traded lower and closed the day in the red near 148.55. Today it traded in a narrow range of 148.40-60, remaining near August highs. On the hourly chart, USD/JPY is still trading above the MA (200) H1 moving average line (147.10). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and while the pair remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.
- Resistance levels are at: 149.60-80, 150.90, 151.25
- Support levels are at: 148.20, 147.35, 145.90
Probably, the main scenario is a continuation of the upward movement to 149.60 (Oct 10 high).
The alternative scenario suggests consolidation below MA 200 H1, followed by a fall to 143.00 (Oct 1 low).
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