Technical Analysis
12.01.2022, 05:59

USD/JPY is still testing MA 200 H1 support

Yesterday, the USD/JPY was trading higher and closed the day in positive territory around the Y115.30. Today it was trading in a narrow range of Y115.25-40, staying close to yesterday's closing price. On the hourly chart, USD/JPY is testing its support - the MA (200) H1 (Y115.55) moving average line. On the four-hour chart, it remains above the MA 200 H4 line for now. Based on the above, it is probably worth sticking to the northern direction in trading, and while the USD/JPY remains above MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.

  • Resistances levels are at: Y115.85, Y116.15, Y116.35

  • Support levels are at: Y114.95-05, Y114.65, Y114.30

Probably, the main scenario is the continuation of the upward movement to Y115.85 (Jan 10 high). An alternative scenario is consolidation below MA 200 H1, followed by a decline to Y113.55 (Dec 21 low).

Quotes
Symbol Bid Ask Time
AUDUSD
EURUSD
GBPUSD
NZDUSD
USDCAD
USDCHF
USDJPY
XAGEUR
XAGUSD
XAUUSD

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