Today, the USD/JPY pair is trading in the range of 146.25-65 - near the 19-month high. On the hourly chart, the pair moved above the H1 MA (200) moving average line (145.80). On the four-hour chart, the pair remains above the MA (200) H4 (142.65). Technically speaking, the resistance level at 146.65 may keep prices from rising further. If it is broken, prices may rise to 147.65. The lower boundary of 144.40 represents a strong support level.
⦁ Resistance levels are: 146.65, 147.65, 148.95
⦁ Support levels are: 145.70-80. 144.40-55, 143.25
The main scenario for the pair suggests a break of resistance at 146.65 (Aug 25 high, session high) and there could be a rise to 147.65 (Nov 7’ 2022 high)
The alternative scenario implies a break of support at 145.70-80 (Aug 25 low, H1 MA (200)) and could be down to 144.40-55 (Aug 11 and Aug 23 lows).
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