12:54 USD/JPY is trading near 7-week low
Yesterday, the USD/JPY was trading lower and closed the day in the red around the Y104.75. Today it was trading in a narrow range of Y104.70-85, staying close to a 7-week low. On the hourly chart, USD/JPY is still trading below the moving average MA (200) H1 (Y105.75). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth adhering to the south direction in trading and while the USD/JPY remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.
Resistances levels are at: Y105.15, Y105.35, Y105.80
Support levels are at: Y104.55, Y104.20, Y104.00
Probably, the main scenario - is the continuation of the downward movement to Y104.55 (Sep 17 low). An alternative scenario - may be consolidation above MA 200 H1, followed by a rise to Y106.25 (Sep 11 high).
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