13:05 USD/JPY is still trading above MA 200 H1
Yesterday, the USD/JPY was trading lower and closed the day in the red around the Y111.00. Today it was trading in a narrow range of Y110.90-10, staying close to Friday's close. On the hourly chart, USD/JPY is still trading above the moving average MA (200) H1 (Y110.75). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and while the USD/JPY remains above MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.
Resistances levels are at: Y111.45, Y112.05, Y112.25
Support levels are at: Y110.80, Y110.55, Y110.30
Probably, the main scenario is the continuation of the upward movement to Y111.45 (Oct 1 high). An alternative scenario is consolidation below MA 200 H1, followed by a decline to Y109.10 (Sep 22 low).
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