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- USD/JPY is trading near a 5-month high
USD/JPY is trading near a 5-month high
Today, the USD/JPY pair is mainly growing in the range of 156.15-157.10 and is trading near a new 5-month high of 157.95, reached last week. On the hourly chart, the pair rose above the MA (200) H1 moving average line (154.30) and above MA (200) H4 (153.20) on the four-hour chart. Technically speaking, the resistance of 157.95 can keep USD/JPY from further growth. If this level is broken, the pair may rise to 158.80. The lower limit of 153.15 represents a strong support level.
⦁ Resistance levels are: 157.95, 158.80, 159.50
⦁ Support levels are: 155.95, 154.30, 153.15
The main scenario for the pair's advance assumes a breakout of the resistance of 157.95 (Dec 20 high) and there may be an increase to 158.80 (July 16 high).
An alternative scenario implies a breakout of support at 154.50 (Dec 20 low), MA (200) H1 (154.30) and a possible decline at 153.15 (Dec 17 low).
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