USD/JPY is trading near a new high in 1986

Today, the USD/JPY pair is trading in the range of 160.40-161.30, having reached a new maximum value of 161.30 since the beginning of trading in 1986. On the hourly chart, the pair rose above the moving average line MA (200) H1 (159.30) and on the four-hour chart above MA (200) H4 (157.20). Technically speaking, the resistance level of 161.30 can keep the pair from further growth. If it breaks through, the pair is likely to rise to 162.00. The lower limit of 158.70 represents a strong support level. 

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

⦁ Resistance levels are: 161.30, 162.00, 163.00

⦁ Support levels are: 160.25, 159.30, 158.70

The main scenario for the pair's promotion assumes a breakout of the session maximum of 161.30 and there may be an increase to the psychological level of 162.00.

The alternative scenario implies a breakout of the support of 160.25 (June 27 low) and MA (200) H1 (159.30) and there may be a decrease to 158.70 (June 21-24 low)