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- USD/JPY is trading near the highs of February 2020
USD/JPY is trading near the highs of February 2020
Today, the USD/JPY pair is trading in the range Y111.80-112.10 - near the highs of February 2020. On the hourly chart, the pair is trading above the moving average line MA (200) H1 (Y110.50). The situation is similar on the four-hour chart. In this situation, it is probably necessary to stick to the northern direction in trading, and maybe it is worth looking for exit points to buy. 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: Y112.25, Y112.40, Y113.00
⦁ Support levels are: Y111.80, Y111.20, Y110.50
The main scenario for the pair's promotion — the pair may grow to Y112.25 (February 20-21’ 2020 high)
An alternative scenario — if the session low of Y111.80 is broken, the pair may fall to Y111.20 (September 29 low)
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