Technical Analysis

16 September 2020

The USD / JPY pair is trading near a one-month low

Today, the USD/JPY pair continues to trade with a decline and fell to the psychological level of Y105.00. At the time of writing, the pair is trading near the August 19 low of (Y105.10). The pair is trading below the MA (200) H1 (Y106.00) moving average line. The situation is similar on the four-hour chart. The session low and psychological level of Y105. 00 kept the pair from further decline. If this level is passed, the pair may drop to Y104.75. The session high of Y105.40 represents resistance. If this level is passed, USD/JPY may follow a correction to Y106.00. The most likely range of movement of the pair today may be hidden within the range of Y105.00-80.

 

Resistance levels are at: Y105.40, Y106.00, Y106.25-40

Support levels are at:  Y104.75-105.00, Y104.15, Y103.10


The main scenario for the pair's promotion - breakout of the session low Y105. 00, and likely decline to Y104. 75 (July 29 low)

An alternative scenario - if the session maximum Y105.40 breaks, the pair is likely to grow to MA (200) H1 (Y106.00)


Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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