Today, the USD/JPY pair is mainly growing in the range of Y136.70-137.25 after reaching a record high of Y137.75 on Monday. On the hourly chart, the pair remains above the moving average line of MA (200) H1 (Y136.10) and on the four-hour chart - above MA (200) H4 (Y134.00). Technically speaking, the resistance of Y137.75 can keep prices from rising. The lower bound of Y135.30 represents the support level.
⦁ Resistance levels are: Y137.75, Y138.00, Y139.00
⦁ Support levels are: Y136.50, Y136.10, Y135.30
The main scenario for the pair's promotion — the resistance breakthrough is Y137.75 (July 11 high) and there may be an increase to the psychological level of Y138.00
An alternative scenario — support breakout is Y136.50 (July 12 low) and the pair may decline to Y135.30 (July 8 low)
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