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- The USD/JPY is testing MA 200 H1 support
The USD/JPY is testing MA 200 H1 support
Yesterday the USD/JPY traded down and closed the day in the red zone near the price of Y139.55. Today it was trading in a narrow range of Y139.30-65, staying close to yesterday's closing price. On the hourly chart, USD/JPY is testing the strength of the support - the line of the moving average MA (200) H1 (Y139.75). On the four-hour chart, the USD/JPY is still above the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the USD/JPY remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: Y140.45, Y140.65, Y140.90
Support levels are at: Y139.25, Y138.75, Y138.35-45
Probably, the main scenario is continuation of the upward movement towards Y140.45 (Jun 5 high).
The alternative scenario suggests consolidation below MA 200 H1, followed by a fall towards Y137.45 (May 19 low).
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