USD/JPY has reached a new 34-year high

Today, the USD/JPY pair is mainly growing from 155.40 to 156.90, reaching a new 34-year high. The pair broke through the resistance of 155.75, which became the closest support. On the hourly chart, the pair is trading slightly above the moving average line of MA (200) H1 (154.85) and on the four-hour chart above MA (200) H4 (152.10). Technically speaking, the resistance level of 157.00 can keep prices from further growth. If it breaks through, the pair may rise to the psychological level of 158.00. The lower limit of 153.60 represents a strong support level.

It is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the level of 70, which signals a possible change in the direction of price movement.

⦁ Resistance levels are: 157.00, 158.00, 159.00

⦁ Support levels are:  155.75, 154.55, 153.60

The main scenario of the pair's promotion involves a breakthrough of the psychological level of 157.00 and may be an increase to the psychological level of 158.00

An alternative scenario implies a breakout of the support of 155.75 (April 25 high) and may be a decrease to 154.55 (April 23 low)