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- The USD/JPY is still testing MA 200 H1 support
The USD/JPY is still testing MA 200 H1 support
Yesterday the USD/JPY traded in different directions in the Y139.10-00 range and closed the day without significant changes. Today it fell down to Y139.15. 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, it 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: Y140.00, Y140.45, Y140.65
Support levels are at: Y139.10, Y138.75, Y138.35-45
Probably, the main scenario is continuation of the upward movement towards Y140.00 (Jun 6 high).
The alternative scenario suggests consolidation below MA 200 H1, followed by a fall towards Y137.45 (May 19 low).
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