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- USD/JPY remains below MA (200) H1
USD/JPY remains below MA (200) H1
Today, the USD/JPY pair is mainly growing in the range of 146.55-147.90, remaining near the 5-month low. The price is below the MA (200) H1 moving average line (149.10), which confirms the bearish market sentiment, but the recent rebound from the 0.8755 level indicates a possible upward correction. The MACD histogram shows an increase, which may indicate the beginning of an upward correction. As long as the trend remains downtrend, selling is preferable with corrections to resistance levels. Purchases are possible only with a trend reversal and consolidation above 149.35. If the price breaks down to 146.55, it may open the way to lower levels.
Resistance levels are: 148.40, 149.35, 150.20
Support levels are: 146.55, 145.90, 145.00
The main scenario for the pair's advance implies a breakout of the session low of 146.55 and a possible decline to 145.90 (Oct 4 low)
An alternative scenario assumes an increase to 148.40 (high of the American session on March 6) and then maybe to 149.35 (March 6 high, MA (200) H1)
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