Technical analysis USDJPY for 12.03.2024

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. 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 147.390. The closest support is the level 146.320

Key levels

148.640, 147.970, 147.390, 146.320, 145.760, 145.220

Trading scenario

Recommended opening long positions (Buy Stop) from the level of 147.390, with Take Profit of 147.970 and Stop Loss of 146.800

Alternative scenario

Recommended opening short positions (Sell Stop) from the level of 146.320, with Take Profit of 145.760 and Stop Loss of 146.800