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- The USD/JPY is testing support MA 200 H1
The USD/JPY is testing support MA 200 H1
On Friday, the USD/JPY was trading lower and closed the day in the red near 154.35. Today, it traded in a narrow range of 153.85-155.15, remaining close to Friday's closing price. On the hourly chart, USD/JPY is testing support - the MA (200) H1 moving average line (154.30). On the four-hour chart, the pair is still above the MA 200 H4 line. 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 at the end of the correction.
- Resistance levels are at: 155.75, 156.75, 157.15
- Support levels are at: 153.85, 153.40, 152.55
Probably, the main scenario is a continuation of the upward movement to 155.75 (high of the American session on Nov 15).
The alternative scenario suggests consolidation below MA 200 H1, followed by a fall to 151.30 (Nov 6 low).
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