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- The USD/JPY continued to decline on Wednesday
The USD/JPY continued to decline on Wednesday
Yesterday, the USD/JPY traded lower and closed the day in the red zone near the price of 148.75. Today, it also fell slightly, dropping to the mark of 148.20. On the hourly chart, USD/JPY is testing the support for strength - the moving average line MA (200) H1 (148.40). 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: 149.10, 150.10, 150.30
- Support levels are at: 148.20, 147.40, 147.00
Probably, the main scenario is the resumption of the upward movement to 149.10 (high of the American session on Mar 19).
An alternative scenario suggests consolidation below MA 200 H1, followed by a decline to 146.55 (Mar 11 low).
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