USD/JPY Analysis

[Elliot Harris]

Yesterday, the USD/JPY traded higher and closed the day in positive territory around the price of 150.45. Today, the pair also rose slightly, rising to 150.60. The hourly chart shows USD/JPY trades above the moving average lines MA (200) and H1 (150.20). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading, and while the pair remains above the MA 200 H1, you may need to look for entry points to buy when a correction is formed.

• Resistance levels are at 150.70, 151.25–35, and 151.70.
• Support levels are at 149.95, 149.40, and 149.20.

The main scenario is likely continued growth to 150.70 (Nov. 7 high).

The alternative scenario involves consolidation below MA 200 H1, followed by a fall to 148.80 (Oct 30 low).