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- USD/JPY is testing the strength of MA (200) H1
USD/JPY is testing the strength of MA (200) H1
Today, on the hourly chart, USD/JPY is showing a sharp recovery after falling to the support level of 142.10. A strong upward momentum broke through the level of 143.10 and headed towards the resistance of 144.40, which is currently being tested. Prices are approaching the MA (200) H1 moving average, which is slightly above the 144.40 level, which makes this area an important resistance zone. The MACD indicator confirms the upward momentum: the histogram shows steady growth and an exit above zero, signaling the dominance of buyers. However, the price is significantly removed from recent lows and may be overbought in the short term, which increases the likelihood of a technical correction. Until the pair overcomes 144.40 and gains a foothold above the moving average, the risks of a pullback remain.
Resistance levels are: 144.40, 145.55, 146.20
Support levels are: 143.10, 142.10, 141.50
The main scenario for the pair's progress suggests a correction and there may be a decline to the session low of 142.10
An alternative scenario suggests a breakout of MA (200) H1 and 144.40 (May 22 high), there may be an increase to 145.55 (May 20 high)
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