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- USD/JPY drops to 6-week Low
USD/JPY drops to 6-week Low
Yesterday, the USD/JPY pair traded in different directions: since the beginning of trading, it rose from 154.65 to 155.50, but during the American session it decreased to 154.20. Today, the pair continued to decline and fell from 154.45 to a 6-week low of 153.10. On the hourly chart, USD/JPY fell below the MA (200) H1 moving average line (155.05) and on the four-hour chart below the MA 200 H4 (156.40). Based on the above, it is probably worth following the southern direction in trading and as long as the pair remains below the MA 200 H1, it is necessary to look for entry points to sell.
Resistance levels are at: 154.45, 155.50, 158.20
Support levels are at: 153.10, 151.80, 150.90
The main scenario for the pair's advance implies a breakout of the session low of 153.10 and a possible decline to 151.80 (Dec 12 low).
An alternative scenario suggests an increase to the session high of 154.45 and then, maybe, to 155.50 (Feb 4 high)
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