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- USD/JPY is trading near a 5-month low
USD/JPY is trading near a 5-month low
The chart shows a downtrend as the price forms consecutive lower highs and lows. Today, the USD/JPY pair is mainly declining in the range of 147.20-148.20, near a 5-month low. The price is below the MA (200) H1 moving average line (149.35), which confirms the bearish market sentiment. The MACD histogram remains in the negative zone, indicating a bearish momentum. The recent growth of the histogram in the green zone may indicate a possible upward correction. The main trend remains downward, but a short-term upward correction is possible. It is necessary to monitor the dynamics near key levels, especially the support of 147.20.
Resistance levels are: 148.40, 149.35, 150.20
Support levels are: 147.20, 145.90, 142.95
The main scenario for the pair's advance implies a breakout of the session low of 147.20 and a possible decline to 145.90 (Oct 4 low)
An alternative scenario assumes an increase to 148.40 (high of the American session on March 6) and then maybe to 149.35 (March 6 high, MA (200) H1)
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