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- The USD/JPY rose sharply
The USD/JPY rose sharply
Yesterday the USD/JPY traded lower and closed the day in the red zone around the price of 147.70. Today it, on the contrary, rose slightly, rising to the mark of 148.55. On the hourly chart USD/JPY is testing the resistance - the moving average line MA (200) H1 (148.15). On the four-hour chart the situation is similar. Based on the above, it is probably worth sticking to the northern direction in trading and while the pair remains above MA 200 H1, it may be necessary to look for entry points for buying at the end of the correction.
- Resistance levels are at: 149.20-30, 149.75, 150.20-30
- Support levels are at: 147.40, 147.00, 146.55
Probably, the main scenario is the resumption of the downward movement to 147.40 (Mar 13 low).
An alternative scenario suggests consolidation above MA 200 H1, followed by growth to 151.30 (Mar 3 high).
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