Technical analysis

04 October 2021

20:12 USD/JPY remains above MA (200) H1

Today, the USD/JPY pair is trading in the range Y110.90-111.30, retreating from the February 2020 high (Y112.10) reached last week. On the hourly chart, the pair is trading above the moving average line MA (200) H1 (Y110.90). The situation is similar on the four-hour chart. Technically speaking, a strong support level of Y110.90 can keep prices from falling. If it breaks through, prices may drop to Y110.50. The upper bound of Y111.50 represents the resistance level. The most probable range of the pair's movement for today may be hidden within the range Y110.90-Y111.50.

 

Resistance levels are: Y111.50, Y112.10, Y112.40

Support levels are: Y110.90, Y110.50, Y109.75


The main scenario for the pair's promotion — The resistance breakthrough is Y111.50 (October 1 high) and there may be an increase to Y112.10 (September 29-30 high)

An alternative scenario — if the support of Y110.90 (October 1 low, session minimum, MA (200) H1) is broken, then the pair may fall to Y110.50 (September 27 low)


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