Today, the USD/JPY pair is trading in the 147.50-90 range - near a new 11-month high. On the hourly chart, the pair is above the moving average line MA (200) H1 (147.30). On the four-hour chart, the pair remains above the MA (200) H4 (145.85). Technically speaking, the resistance at 147.95 may keep prices from rising further. If this level is passed, the pair could rise to 148.95. The lower boundary of 145.90 represents a support level.
⦁ Resistance levels are: 147.95, 148.95, 149.60
⦁ Support levels are: 147.00, 145.90, 144.45
The main scenario for the pair suggests a break of resistance at 147.95 (Sept 15 high) and there could be a rise to 148.95 (Oct 31’ 2022 high).
The alternative scenario implies a breakout of the MA (200) H1 (147.30) and support at 147.00 (Sept 14 low) and may be a decline to 145.90 (Sept 11 low).
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