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- USD/JPY drops to 4-month low
USD/JPY drops to 4-month low
Today, the USD/JPY pair is mostly declining from 149.65 to 148.10, dropping to a 4-month low. There is a pronounced downward trend on the hourly chart, and the price is below the MA (200) H1 moving average line (1.149.70), which confirms the bearish market sentiment. The MACD histogram shows an increase in negative values, which indicates an increase in the bearish momentum. There are no signs of divergence, which confirms the continuation of the downward movement. If the price breaks through the support of 148.10, we can expect a further decline to 147.30. If the level of 148.10 holds, a corrective increase to 149.65 is possible.
Resistance levels are: 149.65, 151.30, 152.30
Support levels are: 148.10, 147.30, 145.90
The main scenario for the pair's advance implies a breakout of the session low of 148.10 and there may be a decline to 147.30 (Oct 8 low)
An alternative scenario assumes a breakout of the session high of 149.65 and MA (200) H1 (149.70) and there may be an increase to 151.30 (March 3 high)
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