FX.co ★ Technical analysis of USD/JPY

USD/JPY:

The chart shows the movement of #USD/JPY on the hourly (H1) chart.

Yen fell to a record low yesterday, that is £147.70 per dollar, which was last hit on August 1998.

The intersection of the resistance level of £147.70 (solid red line) and the inclined dotted line represents a divergence area, which could develop into two scenarios. The first one is the approach of quotes to £147.70 by afternoon, followed by a downward correction to £146.85. Meanwhile, the second one is a continued upward movement after reaching the resistance level of £147.70.

Good luck!