Technical Analysis

USDJPY is trading near the highs of March 2017

24-Nov-2021 13:39:07

Today, the USDJPY pair is trading in the range Y114.80-115.25 - near the highs of March 2017. On the hourly chart, the pair is trading above the moving average line MA (200) H1 (Y114.40) and on the four-hour chart - above MA (200) H4 (Y113.90). Based on this, it is probably worth sticking to the northern direction in trading, and perhaps you should look for exit points to buy.

* Resistance levels are: Y115.25, Y115.50, Y116.90
* Support levels are: Y114.80, Y114.40-50, Y113.60

The main scenario for the pair's promotion —if the session maximum of Y115.25 is broken, the pair may rise to Y115.50 (March 10’ 2017 high)

An alternative scenario — the breakout of the session low Y114.80 will be broken, then the pair may fall to Y114.40-50 (November 23 low, MA (200) H1).

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