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- USD/JPY is growing and testing MA (200) H1
USD/JPY is growing and testing MA (200) H1
Today, the USD/JPY pair is trading mainly with an increase from Y113.70 to Y114.10 - slightly below the four-year high of Y114.70 reached last week. On the hourly chart, the pair is testing the moving average line MA (200) H1 (Y114.00), and on the four-hour chart it is trading significantly above MA (200) H4 (Y111.70). Technically speaking, a strong resistance level Y114.20 can keep prices from further growth. If it breaks through, prices may soar to Y114.70-75. The lower bound of Y113.40 represents the support level. The most probable range of the pair's movement for today may be hidden within the range Y113.40-Y114.20.
⦁ Resistance levels are: Y114.20, Y114.70-75, Y115.50
⦁ Support levels are: Y113.40, Y113.00, Y112.15
The main scenario for the pair's promotion — resistance breakthrough Y114.20 (October 22 high) and there may be an increase to Y114.70-75 (November 6’ 2017 high and October 20 high)
An alternative scenario — correction and there may be a decrease to Y113.40 (October 22 low)
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