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- USD/JPY is trading near a 4-month low
USD/JPY is trading near a 4-month low
Today, the USD/JPY pair is trading in the range of Y131.50-132.35 after falling yesterday from Y137.75 to a 4-month low of Y130.40. The pair broke through the support of Y134.55, which became the nearest resistance. On the hourly chart, USD/JPY dropped below the MA (200) H1 (Y135.75) moving average line. On the four-hour chart, the pair is trading below MA (200) H4 (Y138.80). In this situation, a scenario of further decline of the USD/JPY pair is likely. Finding a sell position can be a wise decision for those who want to take advantage of the strengthening of the Japanese yen.
⦁ Resistance levels are: Y133.65, Y134.55, Y135.75
⦁ Support levels are: Y130.40-55, Y129.50, Y128.30
The main scenario of the pair's promotion assumes a breakout of support Y130.40-55 (August 2 and December 20 lows) and there may be a decline to Y129.50 (June 2 low)
An alternative scenario implies a breakout of the resistance of Y133.65 (December 2 low, high of the European session on December 20) and there may be an increase to Y135.75 (December 19 low, MA (200) H1)
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