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- The USD/JPY pair rose to a three-week high
The USD/JPY pair rose to a three-week high
Today, the USD/JPY pair rose from Y104. 05 to Y104.35, reaching a three-week high. On the hourly chart, the pair rose above the moving average line of MA (200) H1 (Y103. 80) and on the four - hour chart-above MA (200) H4 (Y103.65). Technically speaking, the resistance of Y104.35 can keep USD/JPY from further growth. If it breaks through, the price may rise to Y104. 60-75. Yesterday's high of Y104. 20 is the nearest support. If it is passed, the pair may follow a correction to Y103. 80-90. The most likely range of the pair's movement for today may be hidden within the existing range of Y103. 80-104. 35
⦁ Resistance levels are: Y104.35-40, Y104.60-75, Y105.15
⦁ Support levels are: Y104.20, Y103.80-90, Y103.55
The main scenario for the pair's promotion - breakout of the resistance is Y104. 35-40 (January 11 high, session high) and the pair is likely to rise to Y104. 60-75 (December 1-2 and 10 highs)
An alternative scenario - break in the resistance of Y104. 20 (January 27 high) and then, perhaps, a decline in the pair to Y103.80-90 (January 25 high, MA (200) H1)
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