Technical Analysis
24.05.2023, 11:51

USD/JPY is trading near a 6-month high

Today, the USD/JPY pair is trading in the range of Y138.25-60 - about the 6-month high of Y138.90 reached yesterday. On the hourly chart, the pair is trading above the moving average line MA (200) H1 (Y137.30). On the four-hour chart, the pair remains above MA (200) H4 (Y134.40). Technically speaking, the resistance of Y138.90 can keep prices from further growth. The lower bound of Y137.30-50 represents the support level.


Resistance levels are: Y138.90, Y139.90, Y141.65

Support levels are: Y137.30-50, Y135.65, Y134.40


The main scenario of the pair's promotion assumes a breakthrough of yesterday's maximum of Y137.90 and there may be an increase to Y139.90 (November 30’ 2022 high)

An alternative scenario assumes a breakout of support Y137.30-50 (May 18-22 lows, MA (200) H1) and there may be a decline to Y135.65 (May 16 low)


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

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