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- USD/JPY dropped to a 3-week low
USD/JPY dropped to a 3-week low
Today, the USD/JPY pair is declining from 153.30 to 151.20, reaching a 3-week low. The pair broke through the support of 153.30, which became the nearest resistance. On the hourly chart, the pair has consolidated below the MA (200) H1 (154.40) moving average line. and on the four-hour chart, it is testing MA (200) H4 (152.70). Technically speaking, the support of 150.50 can keep USD/JPY from further decline. If this level is broken, the pair may fall to 148.90. The upper limit of 155.00 represents a strong resistance level.
⦁ Resistance levels are: 153.30, 154.40, 155.00
⦁ Support levels are: 150.50, 148.90, 148.20
The main scenario for the pair's promotion assumes a decrease to 150.50 (Oct 22 low) and then, maybe, to 148.90 (Oct 15-16 low)
An alternative scenario implies a breakout of support at 153.30 (Nov 10 low) and MA (200) H1 (154.80) and there may be an increase to 155.00 (Nov 22 high)
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