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- USD/JPY dropped slightly below MA (200) H1
USD/JPY dropped slightly below MA (200) H1
Today, the USD/JPY pair is trading in the range of 148.70-149.25. On the hourly chart, the pair is showing a downward correction after an uptrend. The price dropped below the MA (200) H1 moving average line (149.85), which indicates a weakening of the bullish momentum. The MACD indicator shows the development of a downward momentum, but there is an attempt to reverse against the background of a reduction in red histograms. If the price fails to gain a foothold above 149.85, there is a high probability of a further decline to the levels of 148.70 and 148.15. In case of growth above 149.85, a retest of maximum values in the area of 151.20-30 is possible.
Resistance levels are: 149.85, 151.20-30, 152.30
Support levels are: 148.70, 148.15, 147.40
The main scenario for the pair's advance implies a breakout of MA (200) H1 (149.85) and there may be an increase to (151.20-30 (March 3 and 28 high)
An alternative scenario suggests a breakout of the session low of 148.70 and there may be a decline to 148.15 (March 20 low)
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