Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The USD/JPY pair experienced a significant decline within the anticipated bearish outlook, surpassing previous targets of 154.05 and 153.30, and reaching a low of 152.23 during this morning’s trading session.
From a technical analysis perspective, the outlook remains negative, as the pair continues to receive bearish crossover signals from the simple moving averages. Additionally, the pair is trading below the strong resistance level of 153.70.
The most likely scenario is a continuation of the decline, with the next target at 151.25, a key level that should be closely monitored due to its potential impact on the short-term trend.
Conversely, if the pair stabilizes above 153.70, this could halt the downward trend, potentially leading to a quick recovery towards 155.00.
Warning: The level of risk is high and may not be proportional to the expected return.
Warning: Today’s trading session may see high price volatility due to the release of significant economic data from the American economy, including the preliminary GDP reading (quarterly) and weekly unemployment benefits.
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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