Today, the USD/JPY pair is mainly declining from Y135.50 to Y132.50 and is trading near a new monthly low of Y131.70, reached yesterday. On the hourly chart, the pair remains below the MA (200) H1 (Y134.90) moving average line. On the four-hour chart, the pair is testing MA (200) H4 (Y133.80). Technically speaking, a strong support level of Y131.50-70 can keep prices from further decline. The upper bound of Y134.90-135.10 represents the resistance level.
⦁ Resistance levels are: Y133.80, Y134.90-135.10, Y137.00
⦁ Support levels are: Y131.50-70, Y129.80, Y128.10-20
The main scenario of the pair's promotion assumes a decline to Y131.50-70 (February 14 and March 16 lows).
An alternative scenario assumes a breakout of the resistance of 133.80 (March 16 high) and there may be an increase to Y134.90-135.10 (March 15 high, MA (200) H1).
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