USD/JPY remains near a 38-year high

Today, the USD/JPY pair is mainly declining in the range of 160.95-161.70, remaining near a new 38-year high and the psychological level of 162.00 reached yesterday. On the hourly chart, the pair remains slightly above the moving average line MA (200) H1 (160.70) and on the four-hour chart above MA (200) H4 (157.95). Technically speaking, the resistance level of 162.00 can keep the pair from further growth. If it breaks through, the pair is likely to rise to 163.00. 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: 162.00, 163.00, 164.00

⦁ Support levels are: 160.25, 158.70, 157.50

The main scenario for the pair's promotion assumes a breakthrough of the psychological level of 162.00 (July 3 high) and there may be an increase to the psychological level of 163.00.

The alternative scenario implies a breakthrough of support of 160.25 (June 27-28 low) and there may be a decrease to 158.70 (June 21 low)