The USD/JPY pair has declined from 147.40 to the H1 MA (200) (146.60) since the start of trading today, but pushed up to 147.50 after pushing off the moving average line. The pair is trading slightly below the 10-month high of 147.90 reached earlier this week. On the four-hour chart, the pair remains above the H4 MA (200) (144.60). Technically speaking, the 147.90 resistance may keep prices from rising further. If this level is passed, the pair could move up to 149.60. The lower boundary of 146.00 represents a support level.
⦁ Resistance levels are: 147.90, 149.60, 152.00
⦁ Support levels are: 146.60, 146.00, 144.45
The main scenario for the pair suggests a break of resistance at 147.90 (Sept 7 high) and a possible rise to 149.60 (Oct 24’ 2022 high)
The alternative scenario implies a breakout of the session low and H1 MA (200) (146.60) and a decline to 146.00 (Sept 4 low).
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