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- The USD/JPY pair is trading near a monthly low
The USD/JPY pair is trading near a monthly low
Yesterday, the USD/JPY pair mostly declined from 156.55 to the closing level and monthly low of 155.10. Today, the pair began trading with an increase from 155.00 to 155.70. On the hourly chart, USD/JPY fell below the MA (200) H1 moving average line (157.45), but on the four-hour chart it rebounded from the MA 200 H4 line (155.00). In this situation, a scenario of further growth of the USD/JPY pair is likely and, most likely, it is worth sticking to the northern trading direction and looking for entry points to buy at the end of the correction.
Resistance levels are at: 156.55, 157.45, 158.20
Support levels are at: 155.00, 154.45, 153.15
The main scenario for the pair's advance implies a breakout of the resistance of 156.45 (Jan 16 high), an increase to MA (200) H1 (157.45) and then, maybe, to 158.20 (Jan 14 high)
An alternative scenario suggests a decline to the session low of 155.00, followed by a likely fall to 154.45 (Dec 19 low)
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