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- USD/JPY remains slightly below MA (200) H1
USD/JPY remains slightly below MA (200) H1
Today, the USD/JPY pair is trading in the range of 147.55 - 148.40. There is a downward trend on the hourly chart of the pair, confirmed by the price's location below the MA (200) moving average line (H1)148.40). The price previously tested the resistance level around 148.40, but failed to gain a foothold above and rolled back down. The MACD indicator shows signs of a possible weakening of the downward momentum, as the histogram shows a slight increase, but the signal line remains below the zero level. This may indicate a potential upward correction, but for now the trend remains bearish. In case of a breakdown of the 148.40 level, we can expect further movement to 149.20, while a breakdown of 147.55 will open the way to 146.55.
Resistance levels are: 148.40, 149.20-35, 150.20
Support levels are: 147.55, 146.55, 145.90
The main scenario for the pair's advance still implies a decline to the session low of 147.55 and then maybe to 146.55 (March 11 low)
An alternative scenario assumes a breakout of the session high and MA (200) H1 (148.40) and there may be an increase to 149.20-35 (March 6 and 12 highs)
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