FX.co ★ remington.kihn | USD/JPY

USD/JPY Н4 The resistance at the level of 161.90 has worked as expected and so far has not let the quotes go higher, resulting in a southern direction. At the moment, the quotes have already dropped slightly below the moving average, signaling that the southern direction may continue. The support they might reach now is likely around the level of 160.74, where we will see what happens next. They could very well continue downwards and test the support at the level of 159.23, and then turn the quotes towards the north. Currently, we have a northern trend, and this support is the minimum that the bulls may allow, below which the northern trend will collapse, and consequently the southern direction will only strengthen. So for now, we expect the quotes at the first support and observe the reaction at this level. Wishing everyone well.