Technical analysis

08 April 2021

13:02 USD/JPY continues to test support for MA 200 H1

Yesterday the USD/JPY traded in different directions in the Y109.55-90 range and closed the day without significant changes. Today it also traded in a narrow range of Y109.70-90, staying close to yesterday's closing price. On the hourly chart, USD/JPY continues to test the strength of the support - the MA (200) H1 (Y110.20) moving average line. On the four-hour chart, it remains above the MA 200 H4 line for now. Based on the foregoing, it is probably worth adhering to the northern direction in trading and until the USD/JPY finally consolidates below MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.

  • Resistances levels are at: Y110.55, Y110.85-95, Y111.65

  • Support levels are at: Y109.40, Y109.00-15, Y108.65

Probably, the main scenario - is the continuation of the upward movement to Y110.55 (Apr 6 high). An alternative scenario - may be final consolidation below MA 200 H1, followed by a decline to Y109.00 (low of the American session on Mar 25).

08 April 2021, 13:15

Oil remains below MA 200 H1

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