Technical analysis

08 April 2021

20:12 USD/JPY consolidated below MA (200) H1

Today, the USD/JPY pair fell sharply from Y109. 90 to a two-week low of Y109. 20. On the hourly chart, the pair fell below the moving average line of MA (200) H1 (Y110.20), but on the four-hour chart it remains above MA (200) H4 (Y108.55). Technically speaking, the psychological level of Y109.00 can keep the pair from further decline. If it breaks through, prices may fall to Y108. 30-40. The upper bound of Y109. 95 represents the main resistance level. The most likely range of price movement for today may be hidden within the range of Y109. 00-95

Resistance levels are: Y109.60, Y109.95, Y110.25

Support levels are: Y109.00, Y108.30-40, Y107.80


The main scenario for the pair's promotion - correction, growth to Y109. 95 (April 7 high)

An alternative scenario - if the psychological level of Y109. 00 is broken, the pair may fall to Y108. 30-40 (March 10 and 23 lows)


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