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- USD/JPY drops to monthly low
USD/JPY drops to monthly low
Yesterday, the USD/JPY pair mostly declined from 158.10 to 155.95 and closed the session near the price of 156.45. Today, from the beginning of trading, the pair dropped to a monthly low of 155.10, but soon rose to the level of 156.20. On the hourly chart, USD/JPY dropped below the MA (200) H1 moving average line (157.65), but on the four-hour chart it remains above the MA 200 H4 line (154.80). Based on the above, it is probably worth sticking to the northern direction in trading and as long as the pair remains above the MA 200 H4, it is necessary to look for entry points to buy at the end of the correction.
Resistance levels are at: 156.90, 157.65, 158.20
Support levels are at: 155.95, 155.20, 154.45
The main scenario for the pair's advance implies a breakout of the resistance of 156.90 (Jan 13 low), an increase to MA (200) H1 (157.65) and then, maybe, to 158.20 (Jan 14 high)
An alternative scenario suggests a decline to the session low of 155.20, followed by a likely fall to 154.45 (Dec 19 low)
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