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- USD/JPY is trying to gain a foothold below MA (200) H1
USD/JPY is trying to gain a foothold below MA (200) H1
On the hourly chart, the USD/JPY pair is trading below the resistance level of 148.00, trying to gain a foothold under the MA (200) H1 moving average, which indicates a possible increase in downward pressure. After a recent decline from local highs around 149.20, the pair bounced back, but failed to overcome resistance, which may indicate the formation of a local peak. The MACD indicator remains in the negative zone and shows an attempt to reverse downwards, which confirms the weakness of the bulls. Support is at the level of 147.10, its breakdown will open the way to 145.75. The overall picture indicates a possible continuation of the corrective decline in the short term, provided that the price does not overcome the 148.00 zone.
Resistance levels are: 148.00, 149.20, 150.45
Support levels are: 147.10, 145.75, 144.20
The main scenario for the pair's advance suggests a breakout of the session high of 148.00 and there may be an increase to 149.20 (July 16 high).
An alternative scenario suggests a breakout of support to 147.10 (July 21 low) and there may be a decline to 145.75 (July 10 low).
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