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- USD/JPY shows an upward momentum
USD/JPY shows an upward momentum
Today, the USD/JPY pair is trading in the range of 149.10-150.00. The hourly chart shows a recovery in prices after a decline in early March. Currently, quotes are consolidating around 149.70, being near the resistance level of 150.00. The chart shows that the price is gradually recovering after testing the support of 148.25, and the MACD indicator indicates an increase in upward momentum, which may indicate further strengthening. The long-term moving average remains above current prices for the time being, which can act as a dynamic resistance. If the price breaks the 150.00-20 level, the next important resistance level will be 151.30. In case of a downward reversal, the support level will be 149.10, then 148.25. The general trend in the near future will depend on the ability of the price to gain a foothold above the key resistance or roll back to the support zones.
Resistance levels are: 150.00-20, 151.30, 152.30
Support levels are: 149.10, 148.25, 147.40
The main scenario for the pair's advance implies a breakout of the resistance of 150.00-20 (March 5 high, session maximum) and there may be an increase to 151.30 (March 3 high)
An alternative scenario suggests a decline to 149.10 (March 18 low) and then, maybe, to 148.25 (March 17 low)
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