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- The USD/JPY pair failed to break through the resistance of MA (200) H1
The USD/JPY pair failed to break through the resistance of MA (200) H1
Today, the USD/JPY pair is trading in the range Y108. 45-109. 05 and tried to test the strength of the moving average line MA (200) H1 (Y109. 05). On the four-hour chart, the pair is trading below MA (200) H4 (Y109. 20). Technically speaking, the resistance of MA (200) H1 (Y109.05) can keep prices from rising further. If it breaks through, prices may soar to Y109. 30-50. The lower bound of Y108. 30 represents the support level. The most likely range of the pair's movement for today may be hidden within the range of Y108. 30-109.05
⦁ Resistance levels are: Y109.05, Y109.30-50, Y109.70
⦁ Support levels are: Y108.30, Y108.05, Y107.45-65
The main scenario for the pair's promotion - breakout of Y108.30 support (May 7 low) and may be a decline to Y108.05 (April 27 low)
An alternative scenario - if the resistance of MA (200) H1 (Y109. 05) is broken, the pair can rise to Y109. 30-50 (May 4-7 highs)
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