Today the USD/JPY pair is trading in the 147.00-40 range after declining on Monday to the weekly low of 145.90. On the hourly chart, the pair is testing the MA (200) H1 moving average line (147.10). On the four-hour chart, the pair remains above the MA (200) H4 (145.40). Technically speaking, the resistance at 147.90 may keep prices from rising further. If this level is passed, the pair could rise to 149.60. The lower boundary of 145.90 represents a support level.
⦁ Resistance levels are: 147.90, 149.60, 152.00
⦁ Support levels are: 145.90, 144.45, 143.30
The main scenario for the pair suggests a break of resistance at 147.90 (Sept 7-8 high) and a possible rise to 149.60 (Oct 24’ 2022 high)
The alternative scenario implies a break of support at 145.90 (Sept 11 low) and there may be a decline to 144.45 (Sept 1 low)
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