Technical Analysis
17.03.2023, 06:06

The USD/JPY slightly down after yesterday's gains

Yesterday the USD/JPY traded higher and closed the day in the positive territory near the price of Y133.55. Today it, on the contrary, fell a little, dropping to the level of Y133.00. On the hourly chart, USD/JPY is still trading below the moving average line MA (200) H1 (Y135.00). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USD/JPY remains below MA 200 H1, it may be necessary to look for entry points for selling at the end of the correction.

  • Resistances levels are at: Y133.85, Y135.10, Y136.35

  • Support levels are at: Y131.70, Y131.30-45, Y130.60

Probably, the main scenario is the resumption of the downward movement towards Y131.70 (Mar 16 low).

The alternative scenario suggests fixing above MA 200 H1, followed by growth towards Y137.90 (Mar 8 high).

Symbol Bid Ask Time

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