Technical analysis USDJPY for 04.03.2024

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 150.430. The closest support is the level 149.440

Key levels

151.000, 150.800, 150.430, 149.440, 148.640, 147.970

Trading scenario

Recommended opening long positions (Buy Stop) from the level of 150.430, with Take Profit of 150.800 and Stop Loss of 149.920

Alternative scenario

Recommended opening short positions (Sell Stop) from the level of 149.440, with Take Profit of 148.640 and Stop Loss of 149.920