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- USD/JPY is trading near a 7-week low
USD/JPY is trading near a 7-week low
Today, the USD/JPY pair is trading in the range of 149.50-150.30 - near the 7-week low of 149.05 reached yesterday. On the hourly chart, the pair consolidated below the moving average line MA (200) H1 (152.30) and on the four-hour chart below MA (200) H4 (152.85). Technically speaking, the support of 149.05 has so far kept USD/JPY from further decline. If this level is broken, the pair may fall to 148.90. The upper limit of 152.00 represents a strong resistance level. The most likely range of the pair's movement for today may be hidden within the range of 148.90-152.00.
However, it is worth noting that a bullish divergence has formed on the hourly chart according to the MACD indicator, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: 150.75, 152.00-30, 153.30
⦁ Support levels are: 148.90-149.05, 148.20, 147.30
The main scenario for the pair's promotion assumes a breakout of the support of 148.90-149.05 (Oct 15-16, 21 and Dec 2 lows) and there may be a decrease to 148.20 (Oct 10 low)
An alternative scenario implies a breakout of the resistance of 150.75 (Dec 2 high) and there may be an increase to 152.00-30 (Nov 28 high, MA (200) H1)
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