Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair continues to exhibit calm trading while maintaining its positive trajectory, as anticipated in our previous technical report. The pair remains supported by the strong foundation at the 156.75 level.
Technical Outlook:
A close examination of the 240-minute chart reveals that the pair is comfortably positioned above the 156.75 support level. The simple moving averages are providing a positive impetus, reinforcing the ongoing upward price movement.
Upward Potential:
As long as the price remains above 156.75, the upward trend is expected to persist. Our initial target is set at 158.20, with potential for further gains towards 158.60. The ultimate target for this upward wave is projected around 158.90.
Downside Risks:
However, traders should remain vigilant as a breach below the 156.75 support level could trigger a bearish reversal. In such a scenario, the price may initially target 156.00, with the possibility of further declines towards 155.50.
Key Levels:
- Support: 156.75, 156.00, 155.50
- Resistance: 158.20, 158.60, 158.90
Risk Warning:
The risk level remains high in this pair. Traders are advised to exercise caution and implement appropriate risk management strategies.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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