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Technical Analysis

USDJPY fell sharply

26-Nov-2021 12:59:53

Yesterday the USDJPY traded in different directions in the Y115.25-45 range and closed the day without significant changes. Today it fell sharply, falling to the level of Y114.60. On the hourly chart, USDJPY is testing its support - the MA (200) H1 (Y114.65) moving average line. On the four-hour chart, it remains above the MA 200 H4 line for now. Based on the foregoing, it is probably worth sticking to the northern direction in trading, and while the USDJPY 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: Y115.50, Y116.00, Y117.00
Support levels are at: Y114.50, Y114.05, Y113.60

Probably, the main scenario is the continuation of the upward movement to Y115.50 (Nov 24 high). An alternative scenario is consolidation below MA 200 H1, followed by a decline to Y112.20 (Oct 11 low).

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