Today, the USD/JPY pair is mostly rising from 146.30 to 147.95, reaching a new 11-month high. On the hourly chart, the pair settled above the H1 MA (200) moving average line (147.25). On the four-hour chart, the pair remains above the MA (200) H4 (145.50). Technically speaking, the resistance at 148.95 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: 148.95, 149.60, 152.00
⦁ Support levels are: 147.00-25, 145.90, 144.45
The main scenario for the pair suggests a break of the resistance at 148.95 (Oct 31’ 2022 high) and a possible rise to 149.60 (Oct 24’ 2022 high)
The alternative scenario implies a break of support 147.00-25 (Sept 14 low, MA (200) H1) and may be a decline to 145.90 (Sept 11 low)
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