Technical analysis

13 May 2022

19:48 USD/JPY remains below MA (200) H1

Today, the USD/JPY pair is trading in the range of Y128.35-129.35 after reaching a 2-week low of Y127.50 yesterday. Recall that on Monday the pair reached a new 20-year high (Y131.35). On the hourly chart, USD/JPY remains below the moving average line of MA (200) H1 (Y129.95), but on the four-hour chart it is trading above MA (200) H4 (Y127.10). Technically speaking, the support of Y127.50 can keep prices down further. The upper bound of Y130.80 represents the resistance level.

 

Resistance levels are:  Y129.35, Y130.05, Y130.80

Support levels are:  Y127.50, Y126.95, Y125.80


The main scenario for the pair's promotion — the breakout of the session maximum of Y129.35 may be the growth of the pair to Y130.05 (May 12 high)


An alternative scenario — decline to Y127.50 (May 12 low) and then maybe to Y126.95 (April 27 low)


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