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- The USD/JPY continues to test the MA 200 H1 support
The USD/JPY continues to test the MA 200 H1 support
Yesterday, USD/JPY traded lower and closed the day in the red zone near the price of 154.50. Today, it traded in a narrow range of 153.95-154.55, remaining close to yesterday's closing price. On the hourly chart, USD/JPY is testing the support for strength - the moving average line MA (200) H1 (154.90). On the four-hour chart, the situation is similar. 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 for buying at the end of the correction.
- Resistance levels are at: 155.25, 155.85, 156.75
- Support levels are at: 153.90, 153.30-40, 152.55
Probably, the main scenario is a continuation of the upward movement to 155.25 (Nov 21 high).
The alternative scenario suggests consolidation below MA 200 H1, followed by a fall to 153.30 (Nov 19 low).
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